Could you please clarify what do you mean by "one share price...

Could you please clarify what do you mean by "one share price spike away from the next capital raising"? Do you suggest that the company will have to raise in the near future? If yes, why? Thanks in advance."

Don't misunderstand me; they won't have to raise capital; the company is eminently solvent and able to service its debt, both in terms of paying interest as well as being able to make modest-size dents in the principle.

No, what I meant is that they'd like to raise capital, for purposes of funding the growth; and the funding requirements for the company are not insignificant: investing in PP&E to expand physical capacity, acquisitions and working capital to support customer growth.

Of course, people of a bullish demeanor might say, "Well, so what? It's a growth company, so if it needs to raise capital to grow, so be it. That's why it is listed, after all: to access capital."

The problem with that line of thinking is it ignores two important factors:

1.) Given the valuation of the company, equity capital is currently very expensive, meaning the required rate of return on acquisitions that are made need to be that much higher in order to avoid destruction of share holder value

2.) Aggressive acquisition strategies mask how the underlying business is performing, and often lack of organic growth (or negative organic growth) is a motivation on the part of managers to pursue acquisitions.

This, I think, has been part of CLG's problem and why the market keeps applying a discounted valuation to the stock... because if one strips out the contribution from the acquisitions that have been made since IPO, there is little sign of organic growth. Which is a problem for a business which is supposed to be enjoying structural industry tailwinds.

.