yes, it is dilutive, but not too badly. The $1.90 warrants were already issued, and in the money, so this action effectively just quickened VRNG's receipt of the $10 million. In exchange, 5 million shares of new warrants were issued but significantly out of the money, and with a one year expiry. So, if Vringo succeeds in the next 12 months, the offering would be mildly dilutive (and generate another $25 million in cash). If VRNG is not successful in the next year, there will be no dilutive effects, and in fact VRNG would have had the benefit of being able to get cash cheaper and faster than through other methods.
I think this was a great move.
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