Technically they don't have to dilute. I believe the company that gave them the 81 Million has warrants at 3.08 and 5.00. The 3.08 warrants don't expire until 2026 and the 5.00 warrants don't expire for 10 years.
I believe they will wait at least until at least 2024 when Rockley should be profitable to convert because there really is no incentive to convert early. They get that price no matter what.
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