Well, it may "seem not to need to sell equity." But it is also true that when a microcap company turns around like Cobra is, the Street may be otherwise slow in reacting to that. And, with the thin trading, if you can get people to appreciate the story, and get the stock in a broader base of hands, a stock like Cobra could go up high enough, such that you CAN use your stock for currency, as a basis to fund future growth and/or acquisitions.
I'm not saying this is LIKELY here (I think an independent Cobra should probably be able to fund any and all growth internally or with debt...and previous acquisitions have been ill-timed, and major product expansions [mass market GPS] was a boondoggle), but to say that management should ignore Street communication I think is wrong-headed.
The fact of the matter is, there are 10,000 stocks in the universe that people could buy, instead of Cobra. Those decisions, as we know, can be rational or irrational. If we put the story out, and others don't, we are more likely to get those investment dollars. That's the way the Street works. And if an honest and fair measure of "true value" for Cobra indicates that we "should" be trading at a considerably higher level than we are (especially as results continue to presumably improve, per management guidance), I think it is partly management's job to get the story out there. Over the long run, a management that "tells the story" will have larger base of shareholders, and a higher overall shareholder value. Why pass that up?