He didn’t go back to shareholders to raise though that was what he was taking about and it would have tanked price with massive dilution. As a rule. If a raise occurs and leads to the market cap increase greater than the dilution it’s a win for shareholders - If you are concerned then sell and hope to rebuy cheaper, but know this is no longer a going concern despite trading like it - so be careful you may not be able to rebuy cheaper.
Ann: TNC announces $5M institutional placement, page-21
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