The issue is that its 40% dilution at the time of the...

The issue is that its 40% dilution at the time of the announcement and when you add in the options it will likely be over 50% dilution. They are swapping half your share in the company for about half its value in cash and its not a binary decision they could have raised at 10c and I think they would be just as over subscribed.
I still think PEN is a great company but when I was thinking this could be a potential Xbagger I now have to think its a 1/2Xbagger from my entry price.

I understand why Wayne would do things this way though. He doesn't own significant amounts of shares and the company is fundamentally less risky with an equity raise over debt so with no significant upside and only risk to his job coming from debt of course he is going to choose dilution and with no significant incentive to get share holders a good deal of course he will take whatever a large capital provider offers.

I'm still holding but instead of deploying more capital this CR I think I'll wait for the next one because it too should not be overly dilutive but probably will be based on literally ever CR we have seen here. But I cant even rule out another one after that to expand the company but I'll be out by then.