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4DMedical (ASX:4DX), a company developing next-gen software for lung imaging (this finance journalist recently stated the company produces “hardware,” which isn’t really the case), has startled some HotCopper forum users as it stages a $150 million capital raising at around $3.80/sh – that’s according to the AFR.
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Per those reports, Bell Potter has kicked off a raising on behalf of 4DMedical with the price of $3.80/sh, standing in contrast to the current $4.30 (frozen in place given 4DX is in a halt). Some users questioned whether Monday sellers knew a raise was coming, though after how hard the stock’s run, that could be coincidence.
Right now, 4DX has a cap of around $2.3B and no meaningful revenues (thus the need for a raise). To be fair, the company’s lung-imaging tech is now being adopted by three different universities in the U.S. that run health clinics, and it does stand poised to revolutionise the respiratory imaging industry, all cards in order.
So there’s definitely a strong value prop and many, many true believers who see the high price disconnected from fundamentals as a story of a market pricing in future value.
That’s ultimately a philosophical position, and this finance journalist won’t bother picking at it; ultimately, however, it’s fair to say 4DMedical’s market cap and revenues are quite disparate right now.
In the meantime, 4DX remains supported in principle by at least one Canberra-tied health research entity, and it’s reported Bell Potter noted to fund managers on Tuesday, 4DX could likely waltz straight into the ASX 200 at the March rebalance – though, as I’ve written before, that would also risk short seller attention.
4DX last traded at $4.30/sh; shares were in a trading halt on Tuesday.
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