If they've got solid institutions on board in the capital raise,...

If they've got solid institutions on board in the capital raise, although the dilution is frustrating, it should be of no real consequence if the capital is used effectively. Regarding the SP, I honestly don't think the market has any clue on how to value this business yet. Each day the volume is tiny, and nearly 60% of the shares are held by the top 20 shareholders. In other words, it doesn't seem that anyone with a large stake who likely did extensive due diligence is even considering selling. Given the small volume exchanging hands, the selling seems to either be short-term traders or disappointed retail investors who thought this journey would be shorter than it is turning out to be. I think the team at Varex knows a thing or two about the competitive advantage MX1 has in the marketplace and where it could be in 10 years, probably a lot more than a trader obsessing over making a nice short-term commission. People are obsessed with numbers including myself at times, but for a company like this, its inherent value today can likely only really be determined qualitatively by someone a lot brighter than me, and we'll only really know who was right in several years. Most people can't sit on their hands that long, so will be out of the game by the time we find out. It could be up, it could be down, no one really knows - it's all a game of intuition (and mine isn't that great so don't listen to me, come to your own conclusion based on your own due diligence).

The company culture seems great, the engineers are top of the game, they generate IP and manufacture in-house, and the products they've created are going to make a huge difference to people's lives. The sales numbers are in the doldrums, but if these guys have figured out how to make a device that gives you X-ray vision and a CT scanner you can carry on your shoulder, I think they're more than capable of improving their sales performance. They've laid out a foundation for long-term growth, some of the short-term decisions are difficult to swallow but when you take a step back this company ticks most of the boxes of a good company IMO and one that in 10 years should be worth more than it is today, so I'm buying. (again, I don't have a crystal ball, don't listen to me, I'm not giving financial advice - I'm probably wrong as usual).