Retail was offered a raise a month ago. It achieved 1/3 take up....

Retail was offered a raise a month ago. It achieved 1/3 take up. Because of its overhang, this CR was required. CHM needs this money.

No retail raise in CHMs short history has reached its required dollar amount. Failed raises aren't a good look.

CHM now has enough funds to gather the data it needs to pursue a partnership (if its trial data is good enough). But by scaling back the latest CR, they have limited dilution to only what was required. It also shows they are pretty confident that future funding must be sorted. Otherwise, they would have taken more cash now.

Some risk has now been removed from CHM.