Ann: Placement, page-516

Due to $620k debt and very little cash balance, I would expect NOR's EV to exceed its MC.

I doubt the market is pricing in any future deals; due to the history of NOR talking up deals but not closing.

If NOR closes a deal with transparency around the $$$'s the NOR may re-rate (upwards). The re-rating will depends on the size of a deal.

Any nebulous partnership deal; that is a deal without transparency on the $$$'s may create a short-lived SP up-tick. If a CR has not been made prior to any deal announcement, I'd expect NOR to announce a CR on any up-tick.

Seen it all before.