$8 million? According to the term sheet loan agreement they must sell $8 million worth of stock.
According to their presentation they plan to sell 32 million shares. This would be an offering at 25 cents per share.
This will be more than a 50% dilution of shares. This is outrageous. I thought management had our best interests at heart.
If this goes through, I will sell all my shares as will all the investors I have gotten to buy the stock.
Call Auriga tomorrow! The stock was recently trading for 40 cents. Now they plan to dump shares at close to 1/2 the price and dilute your investment. Horrible decision. There must be a better way to finance this.