If you listened to the AV presentation, they seem determined to press ahead with the US business, which will gobble up all the cash Australia produces. The runway to success in the US is not long enough, and they will run out of cash sometime in 2024. They won't wait until it's all gone, so I would think a Q1 raising is a near certainty.
The only alternative hope is that a bigger player takes them out of their US business or forms a JV with them for cash.
Ann: Q1 FY24 Investor Presentation, page-6
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