40% dilution is somewhat misleading. No shares are being issued with respect to the warrants. Sure, we can factor in that another 3 million shares can be sold later to the warrant holders, but the shares don't exist until that point. Further, once all those warrants are exercised, SLTD receives another $12.5 million.
On a related note, if one reviews the prospectus, it shows SLTD is going to actually receive less than $12 million right now due to underwriting costs/discounts, etc.
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