I think the reason that MNKD can't raise outside debt or do a large equity financing is Al himself having 50% of control of the company.

No one wants to bet on this company with debt if they cannot have some leverage over the company's assets should anything negative take place.

So Al has to see this through. Now he commits another 100 million to it, which is great. Now they can just sit back and wait for approval.

However, the share count is so large that I don't know if any meaningful appreciate will take place after the financing. I don't want to bet on it now.

Recall that after the prevous round of dilution, the share price lingered around 2.4 for a few days and then gradually declined. I am not saying the same thing will happen but it is something that I am worried about.

I want to wait for the dust to settle. If it rises, I missed an opportunity but I don't think it is a big one.