They weren't able to sell any convertible notes to institutions so are placing 400mil shares @ 20c + maybe another 50mil shares in over-subs.
MLX will still be getting $24mil in cash plus convertible notes to the value of $36mil probably with an exercise price of 20c and probably not exercisable within one year.
MLX Price at posting:
17.0¢ Sentiment: None Disclosure: Held
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