I was also glad to see warrants being exercised. This is dilution that is guaranteed to happen in the case of company success, so good to see it happening when it helps the company delay additional dilution beyond the warrants.
The slide said 51m shares outstanding, which means 2m - 2.5m warrants have been exercised. The lowest prices warrants are $4, so at least $8m additional cash is on the books from the exercise.
If all the 23.5m (now 21m - 21.5m) warrants were exercised, over $100m would be raised
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