Even though the new shares offered have restrictio

Even though the new shares offered have restrictions on selling, it is possible, if not likely, that some current investors will sell some of their current holdings to fund a new purchase if the terms of the new offering are favorable.

I picked up some free warrants, as did many Paulson investors in 2018 when they were churning through constant cheap raises. I don't expect this to be anything like those days, but there will be some sort of discount to the current share price.