They have 30mil in the bank, so no need for more cash to develop software.
The only exception for a capital raise, as you've pointed out, is an acquisition. But with the amount of cash they have now, the need for a capital raise to acquire a business would mean the business is of considerable size. Especially considering any acquisition would likely be a mix of scrip and cash.
They have 30mil in the bank, so no need for more cash to develop...
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