On the surface, this news does not look great. BUT...
....the hidden message is that the investors were willing to forgo the $700,000 in annual dividends for equity. I would presume that these shares are restricted, which is more of a message--that the investors were willing to be illiquid for the next six months and getting no dividends.
In other words, they expect to do very well in the next six months. Thank you very much. LOL
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