Wednesday, December 03, 2003 3:32:25 PM
The arrangement is too large to be predatory financing. The lender couldn't very well manage to hedge against his converted shares and hope to make back what was loaned + any profit. The share price is too low and funding agreement is too large.
What this deal really does is place the success of the company squarely on the continued progress of the science. If the science goes as planned then the scenario you laid out doesn't exist. If there is no real progress then shareholders lose out.
Also, how did you come out with an accurate 40% dilution?
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