We're at about 225 million shares fully diluted + whatever shares the MFO ends up with. The current 174 million shares doesn't account for the 36+ million warrants Ehrlich and Menon have. I don't have a good grip on how much the MFO shares convert to.

I think you're right, $1.70 is a bit low but $1.90-2.30 is about right. We really have no idea how much the company raised this quarter or on what terms they raised it.