Ah, the dreaded "Strategic Review". The cat's out of the bag with their response to the ASX Aware query.

The market seems to be taking it positively though, front-loading a pretty decent gain over the past week or so.

The merits and risks of the business have been well laid-out previously, but if the price action over the long term is any indication, raising additional capital with the share price sitting close to multi-year lows (after a big drawdown from its 2021 highs) is not a great look. Thankfully it isn't a particularly large raise.

With Shaun and co. still seemingly keen on acquisitions and cash flow positivity not yet achieved, it does seem to be that there is a decent chance any future acquisitions will be funded with a capital raising. Just something to keep in mind.