So why did they raise $28M ??, page-14

@Coit

you;ll note BUD's used 3 different positionings for the cap raise requirement

- 'cap raise required only if monster deal' - pre raise teaser roadshow
- 'cap raise to meet monster deal cap requiirements' - cap raise/cleansing period
- 'cap raise done after investors/brokers offered us money on premise we could grow faster' - latest

the change in positioning implied msg shifts from a cap raise being 'pulled' out of the company by extraordinary product demand - to now being more a discretionary item driven by demand from corp finance broker/investors - not product

its a soft bait and switch of the standard varietal - not particularly subtle or eggregious - and the results were excellent for all concerned imo. the pragmatists will say no harm no foul. in fact better than that - the ends justified the means

it doesnt for example mean there was no need for extra capital to expand the business.

but nonetheless - it speaks to a range of things. in particular what the real driver of the size of the raise was - which was what the questioner was implicitly questioning in his post

as you say DYOR ofc.