2 more tranches to soak up from current cap raise ==> will drive further share issues ==> DILUTION.
This will trigger updates of various analysts reports (that operate on mostly accounting metrics). This will generate adverse standard ratios and the like. With a stock at this stage you have to look at Qualitative factors not Quantitative. Hence, on paper this stock will look sick until a true positive milestone is ticked. Next 2 on the list are Environmental + Flare. Out of left field might come a takeover (lets say the share drops to near nothing and somebody takes advantage). But I think from here it's a long boring wait. Winter is coming.
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