Adding up the recently announced placement (3B) with the previously announced board members shares and adding the potential diluting effect of the options (should they all be converted), the total potential dilution of stock for current shareholders works out (by my reckoning) to be just over 20%.
The current placement will give around $1.5 million (depending on costs). Adding their $377k remaining from quarter 2 and subtracting $1 million as a rough estimation of their cash flow for quarter 3 (based on previous quarterly results), they should be left with around $800k at the end of March. This will probably not be enough to last them until the end of the next quarter. They will likely need to make another placement around June/July just to cover their normal running costs.
Add to this the two or three international factories that Ramy Azer announced the company intended building in the next few years and I can only guess at the total dilution for current shareholders!
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