Why don't you just buy the shares on market instead of the CR or buy the oppies and convert them. You will be paying less than those who took part in the CR. If they did a CR of $15-$20M then the share price would take a big hit and they would have to underwrite it, so more costs and more dilution when they may not need that much $.
We need to trust that management know what they are doing even if things don't always follow our timelines and they do have a better idea of what is going on behind the scene with all the negotiations.
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