Ann: 1H22 Results Webcast details, page-15

I'm only speculating here, but part of the share price drop could be attributed to what is going to be an environment where money will not be so easy to raise.

I suspect a growth business that going out to raise cash now vs 6 months is going to find it very difficult.

Personally, I don't think the business needs that much cash, looks like it is choosing to go down a path where it may need cash if sales growth does not continue to do well. Personally, I think it would have made a big difference if it had done a rights offer to raise say $20m which would have been just a couple of percent of its market cap, I would sure it would be well supported with some investors, and analysts would be much less concerned about the cash position.

David Williams however, being an experienced investment banker himself would probably know a lot more about this than me, and seems very confident that they can continue to drive the sales growth needed to justify the increase in head count and R&D and/or confident they can raise cash while not diluting shareholders too much. He is a big investor in the company having consistently bought a lot of stock on market, so you can be confident he will be trying to look after himself (and us) as an investor as well.