Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-6

Raise is a possible outcome but it's important to realize that FBR are considering dilutive and non-dilutive funding sources.
So, they will receive a progress payment after SAT build.
They will then receive a progress payment after Demo builds.
If demo builds are successful, they will receive funding on first batch order of HX which would possibly keep them going for some time given they have a few trucks and equipment already paid for on-route.
Additionally, with a pathway to profitability, they could probably also take out a financing loan.
Additionally, any share issuance would be raising at a much higher price and therefore less dilutive.
Additionally, if everything goes well, they may have interested parties such as CHR co-investment willing to invest at a premium.
We have seen all this before.

So everyone should be careful of the pork chops trying to kill the mood with their CR scare campaign.
Some people have such simply tiny brains is incapable of reasoning or logic.
Their cap raise scare campaign is both inaccurate and incomplete.
BTW, for the record, there was no large discount, if at all, offered at the last cap raise because it was done on a good news announcement.

Also, the cap raise won't be offered to retail investors so if you think you can get into FBR at an incoming cap raise you should probably do more thorough research into FBR's history.
For perspective, at a $200m market cap, FBR could do a $10m cap raise with only 5% dilution. Not bad when you consider it could be their last.

Anyway, just the ramblings of a mad man.

Not providing financial advice. Do your own research, etc etc.