HZR Chart, page-2236

In hindsight, we can see that CDP startup was a sell the news event.

The market likes catalysts and its interesting to note that HZR sp tagged 70c a few times in anticipation of CDP startup, whereas now with it actually running we're back at 46c.

The next expected catalyst is Fortis FID year end/ 2025 which is a bit far away to boost the sp now.
Progress on current and/or new partnerships is probably going to happen imo, but no guarantees as to when.
I think thats what determined the timing of the last cash raise.