Thanks for the recap.
SP - post raise SP (no value add) - MC
.2c = 3.8c = $2M
.3c = 4.7c = $2.5M
.4c = 5.6c = $3.0M
.5c = 6.6c = $3.5M
My thoughts are that a clean well funded shell with a tight register, and empowered managers is worth more then an desperate company living from quarter to quarter with dwindling purpose.