If management wanted to get ahead of this falling knife here,...

If management wanted to get ahead of this falling knife here, they should bite the bullet & do a capital raising while they can. (By "while they can" I mean at a price high enough to raise a substantial amount of capital with minimal dilution).

Icar do need the cash and the longer they leave it then eventually the market will force them to raise at a later date by continual punishment of the SP.

I suspect they will need $10m by November which will cause a 25% dilution of the shares on issue.

This could turn out to be the circuit breaker the company needs to get the doubters off their backs about the debt facility utilization & operating model.

Unfortunately in a matter of a few months the current cash will be gone, and the negative downward spiral played out. At that point it's too late to raise as you'll essentially be putting the company to death via dilution.

Management should look at the big picture. They should request the cash now (August), and the raising would essentially nip a potential disasterous spiral in the bud.