They are planning for the worst case where they don't recover any of the missing funds.
I'd rather see them raise a smaller amount at a smaller discount and take on some debt considering they are probably $15-20m from breakeven.
There are risks some telecoms will leave after the issues the last few years. But if they can get through this without losing too much revenue, a $43m ARR business with a new CEO isn't a bad spot to be. Too many unknowns though at the moment.
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