Exactly. Spot on and exactly what I was going to say. They spent a lot of time and effort trying to avoid dilution to the best of their ability, and wanted to find a way to finance the least dilutive way possible.
Another company I know of has faced the same conundrum. Don't they all? But the way they went about it was through convertible notes. And while it may have been more dilutive then they wanted, it's less dilutive than worse methods, and it kept them alive long enough to make it to the other side.
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