So what? There are currently 40 million authorized and the only ever issued 23 million. This management has never diluted, even when they were in need. The new investors came in paying an 87% premium for the 48% ownership. They need shares to sell the new partners. I'm not worried about them having a few extra shares in the treasury.
Read again, they will issue 21,65mm shares at a price of 0,215. With a simplistic math we will have 45mm float and approx 15mm cash of hand/line credit that should put pps in a range of $0,22 to $0,33. Note that I'm not giving any value to patents and tax benefits and to the premium a profitable business could bring.
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