Timing of Best Effort Public OfferingI am puzzled by the timing of this overnight Best Effort Public Offering with Q3 2022 earnings to be released after markets close today.
ELBM held cash of $41.8-million as at June 30, 2022, and the cash balance at the end of Q2 did not include the remaining $6.5-million of government investments expected to be received or $17.5-million of available funding from the company's at-the-market (ATM) program.
So why the sudden need for financing, and at a 20% discount to yesterday's closing share price ? Should we anticipate negative surprises in the after market earnings announcement ? Thoughts ?