Well - put Price to sales ratios in and use 121 million shares outstanding, and use 200 million shares outstanding, and see if you still think COPI is undervalued according to the valuation model.
The long term effect of "dilution" is not significant, imo, it's the short term effect that causes problems...
Look at SWVC with 600 million shares... still trading at .025 with no prospects of profits anytime soon.
So if the value of COPI is shown, the price will rally up to fair value, imo, despite some short term debenture conversions.
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