No one likes dilution, but in many ways I like an ATM over an offering that normally goes to institutions at a substantial discount to the current share price. Either way it's dilutive, but at least with an ATM, they receive full price for the shares, in an offering they get less, and the brokerage running it generally gets paid with shares where they receive nothing at all, so the discount is greater than the price the offering goes out at.
Dilution is a fact that we need to learn to live with. In many cases even highly profitable companies dilute, why? to do some sort of expansion or acquisition that's bigger than the cash the have on hand.
To me the key is that the dilution is in a controlled way, and that the intent isn't to issue so many shares that it takes a reverse split to maintain a share price that keeps you on an exchange. I would hope that success has been seen well before their are share price concerns.
Gary
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