Precisely. This is/was already disclosed and known last year- It's not new. The offering was initiated September 02, 2020 and noted in the 3Q 10Q:
On September 2, 2020, we entered into an Equity Distribution Agreement with Craig-Hallum Capital Group LLC, as agent, under which we may offer and sell, from time to time at our sole discretion, shares of our common stock having an aggregate offering price of up to $25.0 million in an “at-the-market” or ATM offering, to or through the agent. As of September 30, 2020, 845,730 shares have been sold at an average price of approximately $10.48 million, resulting in approximately $8.5 million of net proceeds to us after deducting commissions and other offering expenses. Between October 1, 2020 and the date of tiling this report, we sold an additional 484,148 shares of our common stock at average price of $10.62 resulting in net proceeds of approximately $5.0 million
So we have-
September $10,480,000 / 845730 shares = approx $12.39/share
October $5,000,000 / 484148 shares = approx $10.33/share
Just now announcing the completion for the balance of the remaining $25 million which came to approx $9.5 million. (10.48 million + 5 million = 15.48) *actually more as the "5 million" was the "NET" figure and not the gross. 25-15.48 = roughly 9.5
So, we assume they made close to that amount so we'll use their numbers. 9,500,000 dollars divided by (we'll assume they sold in the recent run up the past few weeks say avg $30/share = approx 316,000 shares. (give or take as they didn't give us actual numbers yet for the final transaction)
I hardly call that dilutive.
Even adding the additional shares from the previous raises of 845,730 and 484,148 to the recently deduced amount of suspected sale of 316,000 shares equals 1,645,878 shares. Again, while I don't like to see ANY dilution, adding an additional 1.65 million shares to the float which is less than what? 25 million? is hardly worth stewing about imo. The company did us the biggest favor possible by completing this raise during a period of elevated PPS rather than simply flooding the market with shares indiscriminately early on.
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