If I calculated correctly, they will need 4 million shares, plus or minus, to clean out their entire operating expense deficit. Of course, it's an old balance sheet. Could be a bit worse, could be a bit better. They just recently received $5 million from bayer, so theyre not trying to erase 23ml, but more like 18ml.
We're already down 9.33% and dropping. It's telling that 15% puts us quite close to $5.00 ps. But that buyout number could be pure speculation. (sort of like this post) However, 3ml shares might be more like it to get them healthy. That puts us already close to the bottom of this bloodletting(-11.5%)and leaves us at 5.12ps after all dilution.
No matter how you cut it, we're almost already there, depending upon the number of shares in the offering. Wish we knew.