Halelujah! We broke 80 cents!, page-16

Sample calculations for comparison.
(a) $72m raised pre-efficacy at 10% discount to current share price 0.80, ie issue price is 0.72. Mkt cap post-efficacy is $5bn. New share price = 5bn/(2*115m) = 21.74,
(b) $72m raised post-efficacy at 10% discount to then share price, after which mkt cap is $5bn. [ie an apples-apples comparison). Share price pre-raising is (5bn-72m)-115m = 42.83. So IPO is of 72/(42.83*0.9)= 1.87m new shares. New share price = 5bn/(115m+1.87m)=42.80.
Now do you fully understand what I have been saying ... I have a distinct preference for my BLT shares being worth 42.80 rather than 21.74. (The number of shares in my holding doesn't change).