Ann: Trading Halt, page-104

Also one more point on the assumption they 'need' the cash - the dilution % is not linear as the market cap grows. Using very round numbers, let's say they took $20m at $400m MC roughly double from here. That's 5% dilution. So assuming you take $20m @ $200m today they are really only 'foregoing' an extra 5% dilution. However now do the maths in reverse as the market cap falls, e.g. $20m @ $100 MC = 20% dilution etc. So risk/reward is vastly skewed to raising now, if their base case is they need to tap the markets again.