Ann: Entitlement Offer to raise up to $9.9 million, page-127

They are all reasonable concerns.

The other reason for clamping the sp might be that someone is thinking about a strategic investment so it would be in their interests to keep the sp low until that's negotiated. They will bring cash and own a chunk of the company.

The timing for the FDA application and the German trial might then be positive in that case - it might mean that even after the dilution that will come with a strategic partnership, the sp will get a lift with either or both outcomes (like China Grand and Telix). The company is pretty clear that the German trial, in particular, will bring a significant amount of revenue to the company.

So, if a deal is done in late November and those FDA/German milestones are achieved in the 3rd quarter, it might work out well for current holders.