I realise now I missed a sentence at the start of my first post (and a word in the one you quoted) which made it sound like the reason to CR this way is to talk up the investors.
There are obviously a bunch of benefits (and some drawbacks) of raises that target sophs.
I was really meaning that some folks talk up the sophistication side.
My fault... Probably shouldn't post from phone!
Ann: Trading Halt, page-50
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