$Sphere 3d (ANY.US)$ The biggest concern is that Gryphon may...

The biggest concern is that Gryphon may fail to gain control of the merged company, leading to the company's future orientation and direction. The second worry is that the merger failed and the short-term share price plunged, wasting the next wave of the pie that may come. I'm not that worried about dilution, as the equity ratio for outside investors can change in a matter of months, but I think the understanding of dilution between the two companies is more or less on the same page.