Ann: Trading Halt, page-86

the instos will discuss with the company that any large cap raise will involve takers who have no plans to stay in longer term. Cap raise flippers. Their narrative is that you should do a cap raise before "anticipated" good news or before you believe you will have a decent flow or news. Whilst no guarantees are given around the news being good... it's what they advise so that there are enough liquidity events to allow cap raise takers to flip out without capping your price for too long. I've sat on the other side of this conversation, it's exactly what they say. Now of course you can say no, release all your good news and then go out cap in hand... but you'll struggle to get broker support (without a big discount) unless you can point to the upcoming liquidity events.