Expion360 announced the pricing of a $10 million offering which was priced dramatically lower than our expectations resulting in a sharply higher share count. The offering of 50 million units was priced at $0.20/unit consisting of 1 common share (or pre-funded warrant), two Series A warrants, and a Series B warrant. In the company's preliminary registration statement related to the offering the company also disclosed preliminary Q2 results which were roughly in line with our expectations. Expion360 has addressed its immediate financing needs and any prospective warrant exercise could improve future cash positions. However, the prospect of further dilution (potentially, substantial dilution) is likely to dampen investor enthusiasm for the company's shares regardless of the fundamentals of the business or the balance sheet.