Nice post - you hit the nail on the head. Given XXII's current run rate and its need to continue moving forward with its product launches, which obviously is in shareholders' best interests, we needed cash soon from somewhere. The alternative funding options you mention aren't feasible for the reasons you state. Overall this is by far the "least bad" way forward. In 12 months, the dilution this causes will largely be forgotten; I'm confident that the size the XXII's overall pie will be much larger then.
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