Like you, I thought they would have raised substantially more so...

Like you, I thought they would have raised substantially more so we are left to wonder why such a small amount. The options appear to be either:
1) they are confident that there are things in the pipeline which indicate that they do not need any more. That would tie in with the fact that management left it so long before performing this CR, or
2) management incompetence.
I don't rule out either of these possibilities but my feeling is that the first option is the more likely. The good thing is that we wont need to wait too long to find out. All IMO and DYOR