I have not heard about holding cash but it would not surprise me...

I have not heard about holding cash but it would not surprise me if that was the case.

The cash probably exists, but it is most likely matched with obligations or matched to money they have already budgeted as spent.

It sure isn't surplus as no one floats a company and raises a $4m with $30m in the bank.

What would the point of that be. You could just spend your $30m and not have to deal with a bunch of shareholders whining at you all of the time.