"I'm just using the last non-renounceable CR raised at $1.40 as an example
The SP did drift lower than $1.40 didn't it?"
Sure, but that is one of the exceptions, rather than the norm.
In the overwhelming majority of cases, the stock resumes trading at around TERP (above it if the market "likes" the raising, and below it if the market doesn't approve of it for whatever reason).
Maybe the market didn't like the reason MAB's last raising, or some other aspect of it.
"In the fully renounceable entitlement offer, I would assume that it is not usually fully underwritten, so if a low % of SHs take up their offer, how would the company get the full amount of cash they were after?"
The problem is that your assumption - that fully renounceable entitlement offers are usually not fully underwritten - is not right.
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