Ann: Results of Entitlement Offer, page-4

yes they have some debt but its manageable. im not a fan of con notes either so its good they're paying those down.

Re: Cap raise : why now if theyre flush with cash from the ginger sale?
Their growth strategy and vision is a bit "light". To me its fluffy with no real depth. Cap raise to fund " working capital" is also an airy statement

my answer:
reading between the lines: they're burning >1m per qtr on opex. The cap raise to fund "working capital" is needed until they get that cash burn down.
The main opex expense would be the nut oarchard (also their biggest asset)
The below strategy slide states "theyre looking for alternate sources of macadamia nuts"

I suspect theyre looking to offload the oarchard, reduce opex and cogs.
additionally when they close out the con notes and reduce bad debt, they will be left with ample cash at a negative EV, with no disruption to their existing product line, in a growing market