David said that the bookbuild, that was due to happen in March,...

David said that the bookbuild, that was due to happen in March, was postponed due to one of the potential co-investors deciding to sit it out. He couldn't say why they pulled out, due to confidentiality reasons. This co-investor was going to invest a lot of capital though. As I understand it, all other potential co-investors still remain interested.

The company is wanting to do what's best for existing shareholders, and price is just one factor in this. David outlined the difference between preferred stock deals and common stock deals. VC's like preferred stock deals. Those with preferred stock have more rights, than those with common stock. For example, those with preferred stock get first dibs on the cash in the event of liquidation. Existing shareholders all have common stock, and I understand it's David's intention that the new stock issued is to be common stock.

So to get a good deal for shareholders, many factors need to be considered, and price is just one of them. It was good to hear though, the aim of the capital raise was to get the best deal for existing shareholders (of which he is also one).

David believes the company is currently under no financial pressure. Monthly, cash burn is reducing (currently around $1.3m) and he believes it will continue to reduce. They have US$20m in cash, a very strong revenue outlook, and he is also confident that the capital raise will happen soon.

In answer to one of the questions, he said that though it is true that the companies key metrics are improving all the time, the postponing of the bookbuild is not a tactic for securing a higher price.

Hope the above helps.