Ann: EQR Raises $4.56 Million in a Well-Supported Placement, page-21

I think we can blame the government for not funding the $6m in a timely manner. Looking at their cashflow report they had $510k in the bank at end of September. They had a net overall cash outflow of $1.2m ($400k-ish per month), not to mention that if you remove financing cashflows they spent $2.6m last quarter ($866k-ish each month). My guess is they were looking down the barrel of significantly reducing any capital works/expansion to keep afloat until that money came in and didn't want to risk becoming insolvent and slowing down progress.

I'm glad that they have targeted institutional investors but was hoping it'd be a placement with just 1 or 2 larger shops, seems like it was spread around a little more.