Ann: Surat Work Program Update, page-7

Yes pump inbound.
Whenever they release that paid for research with a silly valuation, you can be sure a cap raise is in the works.....
That and they literally have 1 months cash left in the bank and end of March they need to amortise down their corporate debt facility with another $1.5m.
The IPO won't get done in time, so they'll need to raise another $4m I suspect to get them through the next 4 months.