This case on Axon Enterprise, Inc. (Axon), highlights what the company’s CFO and head of investor relations told attendees at Axon’s Investor Day in November 2017. It also describes a follow-on offering in May 2018, and that by the end of 2020 the company could be in its weakest cash position in several years. In 2020, the CFO believed the company needed between $250 million and $350 million to fund the business moving forward. He needed to weigh the options to raise the new capital. Meanwhile, the COVID-19 pandemic had disrupted businesses across the world, and the death of George Floyd at the hands of Minneapolis police officers had raised questions nationwide about practices of law enforcement—the very industry that Axon served. Axon’s stock increased in the aftermath of Floyd’s death, suggesting that Axon could have a major role in potential police reform given its product and service offerings.