I reckon wealthy investors / funds would see the cash burn,...

I reckon wealthy investors / funds would see the cash burn, remuneration, ownership and the market cap, and it's a high risk profile that wouldn't fit mandates.

You've also got vultures like Regal on the register, I don't know how they make money but from my observations they tank a stock to oblivion before letting it run, what I think is happening now.

The thing is they have the funding to see through quite significant progress with the Pulse. If they get those first 3000 units out there with this funding round, and hopefully spent cash a little more prudently, then the low of this downtrend could be where it finally bounces from. The first 3000 units out there, will allow for proof it can be commercialised, derisking the company a lot, and I'd suspect that's when more money will be comfortable with a position...

If they stuff up this funding round, yep prepare to bend over. Risk:reward, depends on your appetites...