The dilution is painful. And cap raises incur significant fees....

The dilution is painful. And cap raises incur significant fees. With VMT holders have to run to stand still! :sweat:

However:
- Strong demand to own VMT at 15c/share
- New factory, the Thailand JV and the acquisition of dealerships all seem like sound investments. While it seems odd to expand during a lull in sales, the factory construction will involve significant lag, and by the time the 2nd-gen factory is pumping out bikes (at higher efficiency and higher quality, I'd hope) the thesis is the market will want them.
- Not so comfortable with "general working capital" for a supposedly profitable company, but given how competitors are dropping like flies, a buffer may be needed to operate through the downturn. But, no more first class flights while most holders are deep in the red, I hope.
- Shares are available on market around same price, so the offer is essentially open to all