Increasingly the function of the primary equity market is to fund operating losses...

until such companies achieve profitability (or not as the case may be). And the structure of capital markets generally is dictated increasingly by ultra-loose monetary policy. 

In effect they outsourced liquidity management to the central bank with liquidity risk ultimately falling on the taxpayer.

Under the rules of the Basel Committee on Banking Supervision, liquidity has since been rebuilt

John Plender FT 12 July 2021

https://www.ft.com/content/fb3cddae-daca-4f4f-b0b7-aa58656041a0


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