Here’s how I understand it:
They expected to raise $20,000,000 from external sources in the offering. They could only raise $16,000,000 from external sources. SC filled the rest.
Therefore, they are $4,000,000 ahead in the SC acquisition (on a stand alone basis). And they were $4,000,000 behind on the offering.
Net ZERO.
The only way they would have an extra $4,000,000 in working capital is if the offering had been increased by $4,000,000.
The quote from the PR might be correct in that the net cash outlay for the SC acquisition was $11,000,000. But it is misleading many to believe that this is “extra money” the company didn’t expect to get.
It’s as misleading as “the offering price won’t be $7.65” because we are trading much higher now and “it will be based on the trading price at the time of closing”.
Not quite as misleading as:
“The application launches today through VERB real estate partner Ultirus, with a network of over 250,000 real estate agents and brokers.”
All In My Opinion
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