One way to look at this is raised $70m at an average of $26.50, plus optionality to drawdown another $50m at rising prices (assuming it gets to binding). Potentially a $120m bank account, plus other options to exercise over the period, plus reimbursement on the trial (not big volumes though). Literally have a real option to go it alone now if no partners willing to pay fair value. Great position to be in.
Nice touch that the CEO is tipping into the raise too.
Going to be a great couple of years
Ann: $35M Capital Raise, page-3
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