NZ Marine Biotech ($20M MC - High Growth Prospect), page-476

Yeah sure, so they raised $5M over the last 6 months, although the large majority went into the new facility and equipment, they only had $1.9M as of end of June, since then they have had trial orders of considerable amounts, of which they require buying the raw product to turn into powders. I believe over two months, fulfilling these contracts and other existing contracts, that they will have around ~$1.5M left

Its very rare for a company of $40-50M size to let their cash fall below $2M, it's just dangerous business practices and can cause bankruptcy if something like March corona market equivalent came around where raising money is exceedingly difficult - usually sub $2M cash warrants a capital raise. That is why I see one due, plus would hope for one given they can accelerate their growth phase. The only thing NZS would be thinking is VWAP, they can only issue capital at a price that is an average of the NZS stock price for the past couple weeks (they will try maintain high prices for the next couple weeks before raising imo - which explains the presentation)

Long term, it's a good thing for NZS to get capital at a high stock price, but dilution is dilution, it will likely stunt momentum if no other contract is announced.