Mac if A2 milk in the USA had similar gross margins to Australia, it wouldn't need to be funded from Australia! You will have noticed that the $A has declined significantly against the USD in recent months. That means less USD to fund the US expansion. Couple this with a big talking ex Pepsi manager driving things in the US and a softening of ATMs intention to not raise new capital, I would guess the book build is happening as we speak. That would expain why the ATM share price is weak.
SNOOPY