Senoj- yeah you won't be underwater with the 10 share you get...

Senoj- yeah you won't be underwater with the 10 share you get allocated but there will be huge overhang of Sophisticated investor shares handed out like confetti who will take 20% overnight and run with no risk and you will get scaled back as everyone will take em up so do the maths on $ raised divided by holders and shares on issue and you end up with 1 tenth of stuff all as your allocation.
Now if they had brains and only did it as SPP only to existing holders and attached a free near the money option it would guarantee them of extra cash rather than possibly having to do any future issue should there be even more delay and that option premium coming in would underwrite and fund FDA approval . Good ol Morgans getting lots of issues away to make January and February interesting . Some brokers have never had it so lucky with fees coming in from small caps that couldn't get their crap together and interest rates hammered so money looking for a home.