Shares are being sold at cost at 100K at a time, so depending where they call the "buys" in will be what dilution in exchange of this "up to $12 million". Soligenix has been carefully as not to grow the share count. I don't think that will change. This represents a better deal than the prior warrant set up. At the moment they only registered 5 million shares to sell at market price so there will be an end in sight. But Lincoln was given 100K shares to accept the deal. And of course the addition 500k shares for the next portion of the offering. Those free shares are being used like warrants to walk down the stock. Lincoln will profit on the shares they do eventually buy, and my guess is they will sell some of those at news pops so that when they are called to buy more shares they continue to pay depressed market value rates (again buys are only 100K shares at a time, every other day, if price is under $1). At the end of the day this company is significantly undervalued. All biotechs need to raise fund. This company is no different on the raise part. But, this company will have two relatively short phase III trials up and running in the third quarter. One with interim results. We'll be fine. I'm just trying to figure out where to set my buy as I want a better cost average than Lincoln at some point. :)
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