This was predicted by myself (and others) over the last month or...

This was predicted by myself (and others) over the last month or so.

The clue was int he last quarterly. At current burn rates, they have less than two quarters of cash-on-hand. Therefore they had two options:

1) Slow down spending
2) Raise more capital.

They would need to do a really good job to drum up support for this cap raise. I wont be surprised if there will be a couple of surprise announcements over the next couple of days.

I also dont think they will totally rely on retail investors for this cap raise. Hopefully they have book-built interest from sophs ahead of this. I suppose it is a bit too much asked for institutionals to come on-board - too early for that.

Saving grace is the low amount of SOI. But, given the trend over the last couple of months, they will raise at a substantial discount.