They raised an additional $920,000 in oversubscriptions. A total...

They raised an additional $920,000 in oversubscriptions. A total of $170,000 was contributed to the raise by directors based on announcements. That still puts them at $750,000 in oversubscriptions from retail investors. Many people are still backing this horse, likely those with enough dispensable income to throw in some extra cash and not think about it again for 5+ years.

The board knows they have people who want in, existing investors just get punished in the process. However, the more they nudge investors for cash to spend without producing a tangible ROIC, the more people management will have watching how they and the company operate, especially with regard to issues in commercialising their products. It might seem like magic money, but if they keep going as they are they'll be bitten by it. I think it is a good thing the directors have put some of their money on the table, now they might be more aligned with ensuring this company has a self-sufficient future knowing that the money they're spending came from their pockets too.

Micro X will be at Eurosatory 2024. Sales need to flow as a result. Hard-working people didn't put money forward for the sales team to have a weekend away in Paris. If they don't flow, cut the dead weight in the sales department and find people capable of getting the job done, because without an additional source of income, they'll be empty-handed again within a year and I doubt their next cap raise will be oversubscribed as a result - what do they do then? It's time for them to stand on their own two feet.