Ann: Letter to Ineligible Shareholders, page-31

Its a total cluster, but the underlying parameters and reasoning around the raise, the size of it and how it was conducted lead me to think there maybe be something else going on behind the scenes, as there is no way Argonaut could take a sizeable chunk of overhang or convince anyone to take the sneaky out-wide $7m in new stock without understanding the wall of selling that the stock is going to face without clear fresh air, which can only come from a corp trans or bid or something along those lines.

The whole deal does not add up imo or maybe it's as simple as the boys put the cruise control on, not understanding that the road is not straight.