Dilution is a continuous process for an R&D company and continues into commercialisation
They are dealing with multiple parties at different stages, revenues will be staggered and big differentials in sizes of deals.
I feel they have recognised this and don’t want more cap raises in future, hence the options at staggered prices.
Nobody likes dilution of course, if you want to take up the SPP it’s your choice or you can kick the gift horse right in the teeth
why ADO is a multi multi bagger, page-244
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