I've come to accept there must be strict covenants that prevent them from doing so.
In the end, it costs us the opportunity for another 2.25x factor to our growth (400 vs 900 shares). However, even at 900m we deserve to multiply in PPS regardless.
My best guess is they are restricted to paying down operating cash flow (no paying down via other debt or equity proceeds) and there are probably working capital covenants where they cannot pay unless flush with cash (perhaps $200k minimum cash before they can be allowed to pay - hence why they could when Q4 was bonkers last time, and chance we may be able to again when Q4 is even more bonkers this time... but I'm not factoring it in, or arguing this as likely anymore)