Because their cash burn was under $900k a quarter even with their unconventional metrics and they had $3.5 m in cash available. They were going into the busiest time of the year for travel and should have been able to reduce the cash burn further. If they were going to raise, then raising when the SP is 8.6c and at 52 week lows before the next progress update seems dumb. If it is just a badly run standard CR to the usual bottom feeders I won't be happy.
Ann: Trading Halt, page-9
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