Most of you haven't raised money for a company, ever. I'm not saying the progression at TNG isn't rubbish, because it is, but with respect to timing - a company takes money when they can, and this is not always for the convenience of a few shareholders but possibly for the bigger picture.
There are plenty of examples where just shortly after a substantial CR, the company shot up - possibly because anyone who's going to invest $10m isn't stupid and would like a return on their investment. One such example is CVN, I'm not crosspromoting - but this is an example of where such a CR compounded by a discovery resulted in a serious SP increase.
Positive Investment, page-6
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