Yep it's not a good sign when Alcidion are struggling to scrape together their "small" $5m cap raise. That is a gut punch.

The happy and flowery language that came out of their recent AGM just made me cranky as well

Yes, I think it’s time the CEO walks the plank. Down another 7% today. Don’t you hate it when you didn’t listen to your gut instinct!

Hold (deciding what to do next)

One thing is proven in micros, any bad news will get an oversized reaction in the current market. if you are going to move, move fast. as ive written before the dynamic between the Chair/CEO/CFO is what intrigues me here. its not healthy in the sense there is a lack of balance that has become apparent in this imbroglio. the poor result , what is in reality a small raise, was handled badly, previous promises of no raies, then extending the retail time frame, a no name underwriter, no underwriter support for the raise, all looks like amateurville to me.

i have a small holding, (all my micros are small holdings), i think the business will go on but i think the signs of lack of respect for share issuance and execution, point the finger at issues with the c suite in terms of market and corporate knowledge and changes probably should occur. more experinced chair and stronger cfo. imo.

These guys get a gold star for how not to handle IR.

The whole process around this cap raise has been very deer in the headlights.

The only thing that might make shareholders reconsider the SPP is a SP that is higher than the offer price. The company should be well aware of that. Extending it with no news that might move the SP meaningfully north and just hoping absolutely reeks of desperation.

I guess we could take away from that that Q2 is going to be very weak and the H2 turnaround is perhaps going to look more like a Q4 turnaround.

I have owned this IRL and on SM. There is no reason to be in the stock right now, imo. Fundamentally, I think the product is good and the revenue is there, but they have been caught napping on this WC issue and so far the response has looked disjointed and chaotic. It continues to baffle me that a company with $40m in revenue and 85% gross margins even finds itself in this position. My guess is it probably gets taken out after drifting down for a few months.

/rant

@UlladullaDave this is pretty consistent with my views too. I was a very short holder on Strawman and was looking to purchase in RL -- essentially the only reason I didn't was other priorities ahead of it on the buy list. I got lucky in this regard and will put this down as one I got wrong, despite not actually owning it.

The last quarter has squashed my thesis in a matter of months. What appeared to be a maturing business (or so I thought) as of Q4 FY23, the recent quarter highlighted various issues beyond lumpy payments. I think criticism for the broader executive team is completely fair and a principal issue here. While I am slightly more confident on their short term (revenue) prospects, there is just too much murky water for me to be confident in the risk reward. I have essentially lost faith that management have any idea what they are doing and I think there are much better micro cap businesses (and management teams) elsewhere on the ASX. To be frank, my 'bear case' straw from nine months ago seems more relevant than ever.

I will continue watching from afar.