The investment thesis of NUH is that its about to start hitting...

The investment thesis of NUH is that its about to start hitting the stage where it needs significantly less money raised on market because it should soon be able to self fund its growth via internal revenue streams (primarily HP, but partially from the sales of its flagship product).
If this is correct, any previous raisings become irrelevant to the future of the company, as its about to morph from the spec space into the growth space... Which also brings in a whole new range of investors.
Also, in terms of capital allocation, I don't ffel Nuheara have blown money flippantly on rubbish... They have focused on and perfected one product while they were cash strapped and only seem to now be thinking about branching out further into other fields (via the recent executive hires). Personally I believe they hired these people as they know they are going to have the cash to fund their wages via their increasing internal sales and via the HP deal.

This thesis in general relies on the fact, that the product is as good as we think it is. Time will tell.