Agreed—it’s a lot of dilution for a paltry $1.25M in proceeds (after fees) and the potential for another $2.5M if the warrants exercisable @0.34 are exercised. Moreover, the convertible preferred (as opposed to the warrants) can be converted into common at any time. Because the underlying common shares have already been registered via the outstanding shelf, the holders can sell converted shares on the open market immediately (rather than having to wait for the shares to be registered as in a PIPE).
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