This. Repeating myself but it's always been about rolling up revenue. The clue months ago was the pay structure as a % of rev vs. off the shareholder's back, the assumption was that this is a (rare) pink with actual dollars flowing now, and high growth in the future.
The unrestricted pays the bills (have to assume extremely tight credit these days is an issue here). And as long as each restricted issue is revenue accretive the mkt cap should float up with it. We just don't know what the rev situation is yet so the market is saying it isn't going to give a pps premium until that's known. Not rocket surgery to see why the price is where it is now.
Fwiw, along with fins it might be an excellent idea to PR the rev streams and potential clearly so even simpleton investors like me can get a good picture without having to parse the docs too much. And the forward picture is obviously more important than the past for price discovery.
Having said all that, if the dilution is going to blow and hookers...then all bets are off ;)
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