The companies cash flow management over the years has at times run a little tight and I believe has held the shareprice back.
Once these last two capital raises are approved the company should have sufficient funds at their disposal given the existing burn rate for at least three years. Should they continue with the Nasdaq listing further funds will allow rapid scale up of activities.
A small overhang of overextended investors should clear fairly rapidly and we are then in for an exciting 2-3 year period.
Ann: $35M Capital Raise, page-26
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