Tuesday, March 16, 2021 3:42:08 PM
Oh frick! I was really hoping that was not the case! Unless they have a way to actually get the share price up, and to stay up, they're going to have to do at least a 30:1 r/s to get to $5. So even with the lowest offering amount of $10 million at the highest offering price of $6.25, the dilution is still 11%. This is the least amount of dilution possible with a 30:1 r/s I think. If the r/s price is lower than the offering price, the warrants probably won't be executed, at least until the r/s price gets above the offering price, right?
Wait, so if they actually end up selling $11.5 million ($10 million + 15% for over-allocation), at $4.25 per unit (share + warrant for another share), and the warrants get executed immediately (since the r/s price would most definitely be over $4.25), that means they'd be adding 5.4 million new shares! If they did a 100:1 r/s, there would be 8.5 million shares post-r/s, and adding 5.4 million new shares is 63% dilution. That makes my $50K only worth $18,500?!? Please tell me I'm doing my math wrong?!?
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