b/c (amongst other things) a full-out rights offering costs incredibly stupid amounts of money.

they didn't disclose the "who" but from reading who's bum is going into the BoD seat, Shelly called Mark and said "hey, do you want to make the cashflow problem go away".

we'll see if my sense of who is correct once SEDI catches up the insider count.

Shelly likely said 50c and two seats, Mark had the smarts to say FOAD buddy one seat and your f/d cost has to be at least a reflection of market.

and that's how we wound up with the PP at 82.5c

and if I'm correct that it's Shelly bringing the moneybags, then it's the devil-we-know vs one we don't.

one guy, one piece of paperwork, minimal red tape, and we get the end-game cash lifeline at decent terms, with almost immaterial degrees of dilution.

like Krom put it, better now then when we're down to the wire.

I don't like it, but I don't begrudge them for it one bit.

It's cod-liver oil.

I'd have done the same.