the way i see it is that its in the best interest of holders to...

the way i see it is that its in the best interest of holders to do it this way. why? only 1.3m of the placement went out, partially it seems, to new investors. the rest of the ~3.5m goes to existing shareholders as part of a spp.

if thats the case then it makes sense that any upside available from here is primarily allocated to existing shareholders and also provides an incentive to participate in the spp.

given the raise was done at .0035 and not .003, imo .003 should present a floor which is fair enough given the percentage movements the stock will experience now as a result of its terribly low value- at .004 we are worth around 15m mc if there is full uptake of the spp, which would roughly give the company a cash balance as of 1 jan of around 17.5m, coincidentally just enough to spend $4m per quarter and change until p2 data is available. that should be (hopefully) enough to get to some sort of big release that will essentially (and again hopefully) make the .007 options worth enough to investors to chip in 10m to exercise them, should the market perceive that a valuation north of 30m(plus .007 opp dilution) is warranted. if the data is favourable then i can only assume that the upside will be there.

the only question in my mind is whether the company has avoided consolidation because they can achieve some positive movement before that. perhaps its their cash balance that is stopping them from consolidating given right now the company has a negative ev and from the last raise shouldnt be in any rush now to raise more capital.

perhaps a bit more needs to wash out from the ~1.3m raise but to me this latest raise indicates support for existing shareholders after rounds and rounds of dilution and a tanking sp. exposure into this latest raise, i can only assume, will get investors heavily underwater the opportunity to get out, and with a profit.

so for existing shareholders that have a reasonable amount of skin in the game, with the exception of the 1.3m raise, i dont see them wanting to sell at .0035 or below given they need to hold to make this averaging down exercise financially worthwhile. (selling at .004 and just holding onto options imo is not enough of an incentive to recover lost money in this given the magnitude of the decline).

its anyone's guess now given how terribly wrong we have all been in predicting any kind of sp appreciation. as such, there is a 99% chance that my ramblings are just that. any different takes on this would be appreciated though!