The last capital raising was because the company managed to burn...

The last capital raising was because the company managed to burn all their equity in the ill timed failed venture in Middle East (Dubai / UAE?) back during the GFC. They practically burned half a decade of profit in a few horrid years.They were making a loss for a few years after that.

So I'm happy that they are looking like finally they'll survive. If next year continues at the same pace, the valuation will look incredibly cheap. But investors who were with them might be a bit wary because they did mess up big time before, so they still have their rear view mirror and looking at how close this company was to being wound up.