Fund raising at 4.2 with 1 for 2 option attached would value the...

Fund raising at 4.2 with 1 for 2 option attached would value the placement less than 4 cps, would it not ???
Raising at 4.2 is less than 1/2 thier last raising which IMO sets the bar lower for future raisings and dilutes this to where.
I'm thinking of getting out till this becomes more transparent, the chance of this going lower sits higher than the SP strengthening atm. JMO