That is not a clear cut rule stopping instos as there are many micro cap, small cap and all cap funds that can invest in companies of this size. Liquidity is more a factor for them.
Any instos that want in are waiting for the equity raising that comes with a major contract win not just waiting for the market cap to get to $50m.
XTD Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held