I hear you, I get it all, and I just don't see dilution the way other investors see it. I think you miss understood me. I think the market cap is now going to be much higher than 5 million, due to the financing and merger. I will be surprised if we don't see .15 this month. These new investors did not buy new shares at .065 to sell at .035, they know something we don't know! They probably dumped the shares on Monday to push the price down to buy more shares back real cheap. or someone panicked at the worst possible time. No way of knowing.
Here is my take on raising cash and dilution with new shares. If the company is making a profit, significant dilution has an immediate effect on EPS and is negative, and the stock sells off. Biotechs like MHAN on the other hand live on fundraising, so dilution dilutes the losses per shares, reverse effect on EPS, and it extends the game to extra innings, with the possibility that they may finally turn a profit, or cut a new deal on a promising new drug....etc. We know merger news is just 2 weeks away now. I expect a PR frenzie next and rising prices by then. If we get any pull back the next few days I will buy more. I tried to buy shares the day when the price dorped on a big lot sale to .025, but the ask was right back at .065 immediately after that sale went through, and it never turned up again this week (the low prices).
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