Well...we don't know what the PPS will be at the time GNBT issues put notice to the investor to purchase the shares..so if the average 5 day PPS is at $2.00 at the time, GNBT will be selling each share plus 1 warrant at $1.84...so $40 million = 21,740,000 shares

Or if average 5 day PPS is at $2.50 at time GNBT issues put notice, then GNBT will be selling each share plus 1 warrant at $2.30...so $40 million = 17,391,304 shares

So...the dilution might not be that great...

One thing good about this arrangement is GNBT gets to issue the put notice...in other words, GNBT can wait till PPS is more desirable to issue put notice.

Thanks!