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Or management could raise a lot of money. Every dollar of cash raised would have a multiplier effect on the share price, probably 3X or 4X per dollar raised. So if the current offer is $20 million, raising an additional $5 million would have an additional $20 million effect on share price.

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Why not raise $100m?
Market cap would be up to $3-400m and sp somewhere we all have been waiting for years. And cherry on top: one doesn't have to sell test strips.