Considering the potential this company expects and the market...

Considering the potential this company expects and the market expects , the market cap reflects this , why didnt they do an ipo instead of back door listing. I can understand some go via the back door listing as it gets less scrutinised imo but this one deserved its own float and then maybe they would have gotten their $15m , this way the $5m will last them what , middle of next year at the most. Surely if one of their competitors thought they had great potential they would have paid $10m in this raise to get a stake at the table.