The net proceeds from the sale of the 2,444,450 units represents an immediate increase in net tangiblebookvaluepershare of $ 2.52 to the existing stockholders and dilution of $ 1.74 pershare to the new investors.
Yet how many CEOs gain bonuses partially off of sales and other meaningless criteria — far better to use something like five - year increase in fully converted tangiblebookvaluepershare.