RE:RE:RE:$200M This is a good point.
Valuations have also come down for the small / mid cap companies in the past couple of months.
The important thing to watch with any future capital round is once they make they acquisition(s), what the PER SHARE revenue and EBITDA and net earnings / loss are. Focussing just on the top line revenue without regard to the number of shares outstanding reveals an incomplete picture.
Bottom line is this: there could be substantial dilution coming if the share price does not rise from current levels and if the PER SHARE numbers do not rise then neither will the stock price.