"Existing shareholders get subordinated and if the business turns around dilution will be pretty considerable.
You are right about the dilution (although "pretty considerable" is polite; the dilution will be huge).
As for "They continue to surprise by their ability to raise capital, ..." there is nothing at all elegant about this particular raising; they have effectively put a gun to shareholders' heads in making it very attractive to participate and at the same time ghastly to not participate.
Its a classic Great Recap Wedge.
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4 | 20006 | 0.150 |
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1 | 30000 | 0.125 |
Price($) | Vol. | No. |
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