I remember AuMake (AU8) shot to 23c on 1st day and the newspapers said it went IPO at 8c. In this case it was some sort of reverse taking over arrangement for a child company to overtake its failing parent which was already listed on ASX. I don't know about the 20c rule. That's perhaps only for a completely new listing. I have just searched up and AC8 went public at 20c. Imagine that we have the big holders out there who can still make a profit selling around 25c!
TWH started at about $1.50 according Google share price chart attached to AC8, went down all the way to 1c over many years, then a reverse takeover happened by AusCann then the share was revalued to 20c with 20 for 1 swap. Whatever you can make out of it, it looks like a long history of failure suddenly got an injection of rigour by Canopy Growth and then the game plan of IPO was started again with a new stock symbol. A lot of the shares were put under escrow for 3 years until now waiting for retail investors and the funds to pump the share price up. They big players could flog the shares now around 23c an still have a profit! If this new (or old) mob fails, it would take 10 years for AC8 to get back down to 1c. If history is worth anything, it does not look good.
AC8 Price at posting:
47.0¢ Sentiment: None Disclosure: Not Held
