The dilution will be about 22%. The price before the announcement was $8.99. 78% of $8.99 = $7.01
Usually, the pps doesn't drop so perfectly with the dilution since they are gaining an asset which guarantees sufficient funds until filing for mesothelioma approval, but since it drop in line with dilution, the numbers at least office their own explanation. These situations usually self-correct. This isn't a junk company without prospects desperate for $$$.
The dilution will be 28%. The price before the announcement was $8.99. 72% of $8.99 = $6.47
I've like this management, but they should have authorized a secondary to be dribbled out "at-the-market." No need to cause this pain to shareholders. They didn't need to offer all the shares at once.