No, your first instinct was right.
Either we need money and therefore a raise, or we don't because the company is generating cashflow and the share price is irrelevant then since it has no impact on the company's operation.
A raise to increase "the liquidity and the quality of the shareholder base" is one of the most bullshit reason I have ever seen as an investor for a cashflow positive company. Even more considering it isn't even disclosed to who that went despite the considerable discount and the quality claims.
Ann: Placement to a Strategic Investor, page-29
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