PW, I think the shelf offering, if it is ever exercised, would be done where dilution would be 2% or lower - at like $40 per share. Like what Anavex did several years ago when the price spiked into the high 20s.
What I mean by nice try is: You stated this is dilution. What if SLS is acquired by BP before ever using the ATM? They currently have $114m in the bank with a quarterly burn of $8m.
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