1) Conventional wisdom would suggest that the timing for a raise would be associated with the expectation of an event that would increase investor interest. And that delaying of a financing would be irresponsible unless the event was very low risk or guaranteed.

2) One alternative that I believe has high probability is that there is a commitment by customers to provide additional funding which could take a number of forms.

And a combination of 1) and 2) where the funding commitment from a customer(s) becomes the trigger event for a market response that puts the warrants in the money to a level  where shareholders are comfortable to exercise or another financial  instrument that limits dilution. 

As per Suresh’s response to  a question regarding prefunding by existing customers:

On -- for 400G, it's a design-in activity and there is potential as we have recently demonstrated through our announcement for customers to put some investment upfront in our ability to both accelerate and demonstrate and get designed in. Now, I think once qualified, of course, there is always potential to negotiate on working capital needs for ramp and so on and so forth, but at least through the contract that we currently announced, there are customers willing to put some skin in the game and some upfront investment to realize the potential benefits that we can offer them in their architectures.