Cash....depends on the stock. For an active explorer it's...

Cash....depends on the stock.
For an active explorer it's important to be well funded.
For a shell, too much cash is a burden, it slows the directors down. There should be just enough cash for a few months runway, with the next raise to coincide with acquisition.
As for skin in the game with directors, this depends on who controls the stock. I can think of a few stocks controlled by brokers/advisors where the directors are basically " proxies", installed to do the bureaucratic duties only. There holdings, if any, become irrelevant