Core Viewpoint - Public-market capital raises in the small-cap universe are often viewed through a limited perspective, typically seen as retroactive signals that suggest issuing capital below the current share price may lead to a pullback toward that price level [1] Group 1 - Capital raises are frequently interpreted as signals of market behavior rather than proactive strategies [1] - The assumption that issuing capital below the prevailing share price creates a gravitational pull back to that level is a common perspective [1]