discount will be determined at the assistance of the brokerage firm. They have a number of means of determining the likelihood of a successful raise re price. they would've tested the waters and understood that they would not have a successful raise if it weren't at such a significant discount.
in simple terms: the shitter the company or position the company is in. the bigger discount the raise will be in exchange for providing the capital. (incentivise sophs for taking the $ risk)
edit: sell sentiment accidentally out of habit clicked hold.
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