Ann: $70m Fully Underwritten Placement and up to $5m SPP, page-105

They offer nothing because their cash is not required to grow.

The beauty of tech companies is that once they have made the investment in IP and reach critical mass in sales, the recoup that investment through very high margins, which means it is very rare that they need further cash injections to grow. Their ROI becomes huge which is why they trade at large multiples.

This is particularly true of DRO because one of the strengths of the business is its fast turn around of products, which means it buys from suppliers on terms (usually 30 days), produces the product quickly (within a month or two) and then the customer pays in 30 days. For a company like DRO that has $60M in the bank and a quick turnaround they should be able to manage revenue of $50 M per month easily before running into significant cashflow problems. It is nowhere near that level.