They are nowhere near RS territory ... yet. However, given the million dollar losses each month and the sagging share price, it's pretty clear that there's going to be an increasing amount of dilution with the inevitable negative impact on the share price over the coming months.
One thing that did strike me was the comment that they are going back to PIPE funding (with the deep discounting that goes with it). That suggests Heddle is having second thoughts about putting anymore of his own cash into this.
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