Ann: Quarterly Activity Report, page-27

Curious to know what you think would cause them to do a cap raise?

As of 31st March they had $48m cash, enough to keep them going for 5 years at the current burn rate. They indicated temporary higher costs as they implement the "transaction model" on a couple of businesses. We saw during 2020 that they had the ability to scale back costs without any long term damage so in the event of a downturn they could still eke it out a while.

At its current market cap the company is worth about 4.5x revenue, which only a few months ago would have been unheard of. So also hard to see them raising to acquire something, unless the target is substantially better value than FDV itself - which seems unlikely.

Not to say it won't ever happen, just hard to imagine under present conditions.