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sucker punchI was trying to wrap my head around a 300% dilution when it turned into close to a 600% dilution.
Correct me if I'm wrong:
On September 28, SYN got lucky and raised approx $16 million by running their ATM on a freak day where the stock traded up to $8. They diluted a little less than 100% and got an average of about $5 per share released to market.
Their total cash on hand became $18.86M (the official number from the October slide deck).
Two weeks later, they raised $16.7M (per 10/15/18 PR) with a 500% dilution at $1.15--a share with a five-year warrant to sweeten things. So now about 70% of the float owns a warrant.
Total cash on hand approx $35.5M.
Jeez o jeezies peezies. The first $16M fell into your lap--unexpected. Wow, finally a break! Why did you need to dilute the crap out of previous shareholders for another $16.7M?
I am absolutely stunned. |
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