I was referring to the past raises (at rock bottom prices) that resulted in a couple of investors now owning ~20% of the company. I worry that in the future this concentration of ownership (in combination with a potential US listing) could make it difficult to resist lowball takeover offers and hold out for true value.
I wouldn't say I don't understand the path to commercialization that is being taken, I just don't fully agree with it. Don't get me wrong, as stated I like the direction Pato has taken the technology, I just have an issue with the cash burn and constant cap raises at large discounts and with lots of free options. And yes I appreciate that the last 2 raises gave been better however still a far cry from raising at a premium to market price (and yes this is possible).
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