"We didn't really need the money, but if we did need some contingency funding, it would not have needed to be much; maybe 3% of our market cap. But we thought we'd try for 10%. In the end we raised 14%."
In other words, we raised capital because we could.
On the positive side (well, short-term positive, at least), it looks like demand was tight as a drum which, presumably, means that there was meaningful element of scale-back of bids which will see incremental buying in the next few days.
Depending, of course, on the broker not allocating the stock to investors with "hot hands".
(And knowing the broker involved, there is absolutely no guarantee of that.)
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TNY Price at posting:
$1.12 Sentiment: Buy Disclosure: Held
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