SEC filing: ARTH intends to sell 9,324,914 shares AND issue 39,695,954 associated warrants, for a total of 49,020,854. Have not read all the details, but the stock & warrants seem to represent a 20% dilution. Warrants are apparently being issued to insiders to sweeten their positions and also to entice some new money.
ARTH may not be able to develop or commercialize a viable product using a known technology developed elsewhere, but it can certainly plan financially. TN's background in financial services might not help him run an operating company, but he apparently knows how to legally structure transactions.
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