If the company needs to raise a set amount of funds - eg $40m - it doesn't really matter whether the price is 40 cents or $4. It will either issue 100m shares or 10 million. The dilution to the existing shareholdings will be the same, and the coy will have the additional assets (cash) to cover it, so the asset backing per share should not diminish.
(Or is it just too early in the morning for me to be posting such trivial tripe!)
capital raising, page-10
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