The problem here16 Jan 2019 19:01
Is the market new this deal was coming, this isn’t a new deal as such, simply “official confirmation”. It appears the market had valued most of this into the SP (rightly or wrongly but this is the value given by the market), at 4.5-5p.
The spike was simply created by many blindly ramping followed by the sheep buying in, whilst the placees and those in sub 4p a chance to sell out on an artificial spike...which they have duly done/are doing
Is the company worth more than current mcap? Maybe, but this will only be reflected once interim and financial results are proof in the pudding.
I can see this drifting until this happens. Seen it many many times on these kinds of stocks until results are reflected by numbers on a balance sheet
(FYI if you check my posting I did say this back in November)