I'm more of the view of snowKat. A share consolidation does not...

I'm more of the view of snowKat. A share consolidation does not itself cause the share price to drop. It's a spurious correlation.

Which companies have to do a share consolidation?

Those that can't get their act together enough to actually generate enough cash to pay the bills.

There are reasons for that. Bad management first and foremost, but also bad projects. Is AXM the former the latter or both?

If its a bad project, this capital raising won't make a difference and the share price will go down post consolidation (but the decrease will not be caused by consolidation though.

Was it just bad management? If so, then maybe there is a chance the share price will hold up and maybe even increase.