I agree with you 100%.
Don't get me wrong, it would have been great to see this run post-launch and crack the $1 barrier, but I truly believe that management has a longer-term vision, and are setting up this company to be successful. Remember, they have the manufacture and launch of the 3rd cluster now covered through this CR.
I am currently a holder of SAS, and most of you may know that they went into administration, because they did not have enough capital to progress their business plan.
They launched their 1st 3 demonstrator satellites in 2017.
After launch, their share price reached an all-time high of approx. 30 cents (with about 1.8 B shares on issue). The company had a market cap of 300 M at that time (I am sure a lot of this was hype).
In hindsight, had they have done a capital raise post-launch, they could have minimised dilution significantly, and could have easily have raised the 200 M needed to build and launch their full constellation.
Instead, I strongly believe that the directors got greedy, thinking they could raise at a higher price. The remaining funds were not properly managed, deadlines were missed, investors lost confidence, and the share price went down. Then they were forced to raise when running on fumes, and consequently tried to raise capital (unsuccessfully) at an all time low price of 0.5 cents, adding further billions of shares on issue.
KSS has less than 150M shares on issue (if i recall), and are setting themselves up for a successful 2021. No doubt, they would have studied SAS, and learnt some lessons which they would not want to repeat.
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