In of itself, capital raises are not necessarily bad.
However, when you buy other companies via acquisition, and said companies fail to meet their own historical trading patterns as far as revenue goes, yet alone growth that would be befitting companies in this sector, and then management 'spruik' that in the form of rhetoric that suggests the company is recording 2000% revenue growth, it's not hard to see why confidence would be down around a capital raise.
As someone who was holding since IPO, up until the 4C the other day, which I felt waved a series of red flags as far as what the business has 'achieved', I can only say that at the end of the day, anyone can buy revenue and pass it off as growth. How about delivering some organic growth instead? Becoming "bigger" by way of raising capital to buy revenue doesn't always equate with "better". Just look at the result from the last capital raise. Now throw in some more dilution to boot.
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