"If the “smart money”/“hedge funds”/“institutions” suspect a...

"If the “smart money”/“hedge funds”/“institutions” suspect a capital raising, then they can sell now, then buy back in the future at a discounted price, easy money".

This is true, but I would hazard a guess they may have suspected last time and one did not occur, which would mean that they may be less inclined to expect one currently - the management are pretty keen on not going down that route for obvious reasons. Even so, you're referring to a 'smart money' advantage-taking of the prospect for a few dollars in the very short term.

Most of us here aren't traders and don't care if it drops 10% on a hypothetical cap raise only to quickly recover once the cheap dollars are made - see the past history of the old firm here and the volatility past. I still fail to understand how you would think this matters at all, especially given the lack of potential impact on the number of shares that might be tagged on.

If you think it's overvalued, fine. If you think sales will dry up, fine. I don't care if you're a 'non-holder' asking questions and trying to find holes, I just expect someone to have something more useful to say on the matter if they do. Even Smiley does his hardest to find legitimate flaws, albeit with many caveats.

As for your question, I don't know. I doubt it, but I don't know. Ask them yourself if you're so keen. Simples.