RE:Cash Efficiency...Clearly you do not know how these markets work. Your track record and corresponding share price says it all.
If FCU waits for your till to run dry, the shorters will raid the stock knowing that Dev will need to go to market with hand in hand and from a position of vulnerability. Equity raises are done when there is cash still in the treasury, not when the treasry is dry.
FCU will raise sooner than later and if history is any guide, the shares will be punished as a result.