Yes, there appears to be more cash…although I think it is a little less than $50 million extra because Michery has always included the restricted cash in his pronoucements.
The headwinds that MULN is going to face for a long time is the fact that dilution is the only mechanism Michery has to raise cash.
So price to book ratios are essentially meaningless, because the OS rises is quicker than the resulting increase in “book value” from the extra cash.
For example, this “$45 million” raise has erased over $150 million in shareholder value as a result of the dilution. That’s $3 in lost value for each $1 raised.
That is likely why the price is depressed so far, because the dilution is not going to end anytime soon.
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