Ann: H1 FY21 Results Release Presentation, page-9

equity raising will be needed for few reasons

1. to fund their manufacturing
2. to avoid their loan convenant
3. cash flow, a massive red flag because they manage to increase this by selling stock at or blow cost. You can’t do that again once the fleet is sold.

the viability of the business is in question, that’s why the share price was hit hard.

it may see the light at end of the tunnel, but if it doesn’t get through it. It may end up dead.

their debt level is huge vs the enterprise value.