As I see it partnership with a BP or a favorable private placement w/o Warrants is similar when it comes to share structure. You share a little with new long holders, but that is OK since you need this cash to progress. A BP partner would either take some future value and/or a stake into the company - same result.
As long no gambling funds buy into an offering with toxic Warrants, there should be no big issues.
So far, the market has voted already: SP down. Vivo and other don't like an RS, that is what we could interpret from Nina's emails before they let expire the last RS.
To sell a stake above 30c to new investors, at least the 20d - 50d MAs should support that price here, IMHO. Looks like a 'little' bargain fight again for the next round.
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