RE:Once Upon A Time.......
Doing a raise on a sudden spike in price can get a company into trouble when their stock price drops - which after a spike it most often does. That's what happened to Plug last year. A zillion lawfirms getting all pulling to get into a class action lawsuit. The stock price plummeted and may have been- part of - the sudden collapse in Hydrogen stocks last year.
Although it sucks seeing EXRO pull out this raise when the prices are so (hopefully temporarily) low, it perhaps was the safest time to raise legally.