OK. My original thought about the dilutive finance is this:
Al still holds a large chunk of the debt to MKND.
Al wants to maitain his percentage of ownership after dilution.
So how many new shares will depends on how many converted shares Al can get from his debt.
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Suppose that k is his current percentage of common share ownership.
Also suppose that Al has d amount of debt.
If another secondary of c number of shares is issued at price p,
then we are looking at c * k * p = d.
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Let me plug in some inaccurate numbers: Let's say k = 0.5, p = 2, d = $200 million,
then c = 200 million / (0.5 * 2) = 200 million shares.
Half of that goes to Al to maintain his ownership. Half generates cash of 200 million dollars, which should be enough to get through trials and into commercial launch.
