"But stand firm...there is no evidence that exists to support any statement that a CR is going to be necessary"
No, I agree, there isn't. I certainly don't accept the initial premise that these anns etc are just P&D flannel to get an impending CR off the ground. It was high time for NUH to raise its investment profile in any case, and the product launches make an appropriate backdrop.
That said, it is certainly plausible that they may find it necessary (or at least highly desirable) at some point to scale up production faster than cash flow alone will permit. Too soon yet for them to gauge initial demand for the new products, and I suppose no one can be very certain just how fast the wider hearables market is going to scale.
I have no problem at all with a CR in those circumstances - I just want it to be professionally (and very thoroughly) teed-up in advance. We could do without any more Coupes or WAMs. And Justin's wish to minimise dilution is obviously one we should all share. In my book, profligacy with equity is almost (not quite) as big a corporate crime as profligacy with cash.
(20min delay)