Agreed - shareholders would have been livid at an offering last year. But that’s what a capable managements job is, to hedge against risks and negative potential outcomes before the clock strikes midnight. Raising cash on the open market at 10 year lows should never have been an option. I remember being completely blindsided by the massive cash burn in Q3(?) and thinking they better have something locked up deal wise, or start cutting drastically! Neither of which have transpired to any meaningful degree. In the end, we'll probably never know what they were thinking, but it certainly doesn't look good in "hindsight" from any LTS’s perspective.
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