Yes this is selling because of the new funding. W

Yes this is selling because of the new funding.
While you often see the sp going down to the price where the new shares were offered at, I (strongly) doubt that will happen.
It will be the last raise, we’re funded to the point where we’ll get revenues.
There will be no more dilution.

While it seems crazy there is selling at the 39 cents level it makes perfect sense for the seller.
His business model is making a relatively sure 10-20% in a short period of time.
Use your money 12 times a year with a “guaranteed” 10-20% each time and you’ve made somewhere between 3-9 times your money after one year.
Waiting for cheap shares to get rerated (like we do) might not beat that.