You may be right, in which case why would MidCap withdraw funds?
The 2018 report included an outlook of nearing “sustainable profitability” in 2019 but that does not seem at all likely from the reported numbers. I must have missed the rns saying a second production shift was up and running, investment in which would surely increase costs ahead of revenues. The update 4 weeks ago said …
The increase in throughput is now expected to become available during Q4 2019
Even growing sales at the 33% headline rate it would take another year or two to make first profit. But the update 4 weeks ago said
revenue for 2019 will be below current market consensus by approximately 15% to 20%, with a corresponding reduction in margin
Take those comments together and overall losses may have widened this year rather than narrowed. You obviously read things differently though, and you are not alone looking at trading today.
You suggest they might raise funds with a listing of new shares but that would be difficult to sell even at 1.09p unless there are really good hard 2019 numbers to report next February.
Indeed I may have made a slight error in my analysis, it would not be the first time, but I will continue to err on the side of caution in this case. Good luck to you though.