The good news from today is that the dilution was met by massive demand. The volume was very high. How low can it go? Who knows.
But remember this -- even if they issue all of the 300mm authorized shares (which I assume they will), the market cap at a PPS of 2 cents would only be $6mm. The company has a competitive edge in ThinkStream (their Apple-approved app for uploading content) and now a competitive edge per the Bob Marley PR. And they are locking up distribution rights for a ton of content. No way is this only worth $6mm.
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