Seminal Moment in TON's History, page-15

Problem is it looks like they were forced down this road because they couldn't raise funds any other way. What happens if the SP sinks even more below the issue price?? How many holders will actually take up their rights? Which may leave an even bigger shortfall to be placed at a lower price again and will likely result in further delays to getting the funds. If they don't get the funds what gets pushed out further and what will those delays do to the SP.

Also while many here think that getting revenue from the joint venture will be a big thing (it will certainly be a good milestone) I wouldn't count on it making any significant contribution to your balance sheet for quite some time. If anything it could be an even more negative contributor at your stage of development as things never run quite as smoothly as expected.

Anyway good luck to you guys, things haven't quite added up for me here for a while and I think you have an even longer road ahead than most of you expected.