You're thinking from a shareholders POV (in terms of your own dilution), not a business proposition POV, which is how mgmt should think - ie, I see those shares possibly being placed with a potential partner/customer.
Then again, they don't have to place them at all, unless of course the money is needed to guarantee supply!
Tell me you still wouldn't like it if they ann'd they were placing the shares with Merc, or SIOI, or EV3. The sp would rise on that scenario purely on anticipation of a deal!
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