RE:RE:RE:RE:RE:Good Move Up on Double Average Volume That has to be, by far, the worst deal I've ever read. If they agreed to issue 50% of outstanding shares 3 years in advance, they are uninvestable to everyone except spectrum. Why would I invest $1 if I know spectrum gets half of that for free? It's so absurdly stupid I have to question whether it's true. I could see a large share issuance 3 years in the future as a final milestone but such an open ended theoretically infinite payment, sorry, 50% of infinite! , doesn't make sense. Egregious, but more sensible would be 50% of shares outstanding at the time the agreement was signed. Ie a known, fixed quantity. To take the opposite extreme, I could borrow the entire market cap of $20 million, buy back and cancel all the shares except the 100 shares I own, then I'd owe spectrum 50 shares? I could structure the same using a holdco, options, trusts, etc. It makes no sense either way. Do you have a source document, original term sheet or something?