Replies to post #7503 on NanoViricides Inc. (NNVC)

[BonelessCat]

They accepted enough money:

"In accordance with the Offering, on September 21, 2007, the Company sold 1,500,000 shares of common stock and warrants to purchase 450,000 shares of common stock at an exercise price of $1.00 per share for a purchase price of $750,000. The warrants may be exercised at any time and expire in three years. It is anticipated that these funds should enable the Company to support operations through the end of its fiscal year ending June 30, 2008."

I read that as accepting part of the offering at the lower valuation, not "turning down money." And, the funds raised are enough to get through the next 8 months. Clearly, Seymour anticipates completing the funding when the valuation is higher:

The Company anticipates raising an aggregate of $5,000,000 in the Offering.

He "turned down" the balance because over the next 2 years or so they need a total of $5 million, they don't need it right now. Accepting the offering would have raised only half the needed funding and would have cost us all at least another 10 million shares in dilution over time.