You don't need to have all the funds in place for the listing, you need to have enough like say $100m plus to satisfy the SEC that when they start sending you invoices for being on Nasdaq that the company is on the right path. Once it's listed it will be on many people's radar if not already and I have zero doubt the balance of the Wolfsberg cash requirements will flow.
This is much better for us holders as they will be investing at the post Nasdaq price, not the current one, so dilution is much better.
A couple of other things, a $100m deal in New York is coffee money so nobody will be bothered to work over the 4th of July because it's not big enough. For those who argue that investors should come in now, the big investors won't come in until the project is de-risked, and that for most is post listing.
If this fund raising is the final hurdle for the SEC, and I suspect it is, then the road to the bell ringing line is an easy stroll.
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