When you look at it (taking options into account) They've...

When you look at it (taking options into account) They've actually valued the Company @ 12c per share.
Options always annoy the crap out of me.

But what I have a problem with here is as per what you have stated, timing. It's just working capital.
And nothing tangible is attached to the transaction.

I'l give you an example of what NEU did.
(I'm not going to have my $ or timing correct. It's from memory)
NEU did a deal with Acadia for a $10 million cash injection for shares at a price of $4 per share.
At the time NEU were trading at a price of around $2.80 and shareholders were not happy.
It forced NEU to release a statement that this did not reflect the companies view of its value.

But what that transaction did was to begin a relationship that led to Acadia doing all of the work for the Ph3 trial for trofentide. It's estimated that Acadia spent $300 million on that trial.

Since then Acadia have paid about $200 million in royalties, milestone payments, and $100 million for the rest of the world rights.

Shareholders are happy now!
What I'm getting at is that it wasn't just a CR. It was the creation of a relationship.
And NTI are still going to have to find that relationship. And at what cost will that be?

And then there's TLX. Although they were far larger than NTI at the same time they went out to raise something like $180 million and raised $240. That money was focussed. It was for R&D, distribution, and acquisitions. And they've completed everything they said they would.

It's been about 5 years now. No further CR's have occurred. One big money grab and then go.
NTI could have gone the road of a mixture of what NEU and TLX did. They still may well do. But where will we be then? At 2 billion SOI and staring down the barrel of consolidation?

Time will tell.