Well you might be wise keeping some spare, if you consider that...

Well you might be wise keeping some spare, if you consider that ebitda might roughly tally with the operating cashflow of the business this coming year, and you want a margin of safety too in running a business. So seems likely a crap raise would be required. They had $13m in the bank, and will go backwards $15m roughly. So possibly means a raise of $15m or so, if you look ahead for a year as well. Hopefully they can get a good deal, especially if the business has some good returns on the investment shown via revenue growth. Also the lower the SP - the more enticing for CAR perhaps?