Sorry BaaBaa, you aren't convincing me.
VML announced they would raise $5m at their AGM in mid August. It was raised in two or three tranches of a couple of million in different stages, they didn't raise it all at once. They closed the round on December 23. So four months to raise $5m across multiple tranches is not very impressive, and $5m doesn't go very far when your CEO and other staff locate to San Francisco. It's hugely expensive for NZ companies to migrate to the USA and I think that $5m won't last very long at all.
It is telling that you choose to only consider a tech company's price over a four month period. If one considers the performance of both Pushpay and VMob over 2 years, the story is much different. One investor has made 7 times their money, the other has probably stood still or even gone backwards.
Vmobs recent ACMR growth is impressive and a hopeful sign, but they are weakly capitalised and that is why I think they will struggle to raise more capital in a changing environment for tech stocks.