I think people were expecting to invest in a $50m market cap...

I think people were expecting to invest in a $50m market cap company without any of the bad bits. I'm not really sure why people are getting so upset about this and acting like it's game over here. The company has performed very strongly in the USA with only 6 sales reps, now with a much larger team the potential is significantly greater. For the first time the company has come out and confirmed a NEAR TERM date for cash flow positive. The CR is merely a bump as you say, the long term picture is still very clear as iTrack Advance has been a massive hit in the USA (and I'm sure global will replicate the demand in the US when the company shifts focus towards it)

Dilution and the discount is definitely not ideal, but now they're cashed up ready to grow even stronger in the US, and hopefully now globally as well. Hopefully this'll be like last time they raised and the price rallies 100% next week in anticipation