The funding provided by C2V is clearly stated everywhere as "up to".
I understand this is to put a ceiling on the amount. And I understand this wording to be not unusual.
But I also see how it opens the possibility for CDX to need less than this $7.5m. Perhaps due to the unknown exact size of the outstanding cancelled contract payout. Perhaps also due to the possibility that Pulse incomes may reduce that amount!
Each dollar less that has to be funded is less dilution.
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Ann: Funding and Capital Update, page-11
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