the shares held in escrow do count towards the mcap, but can't be sold. You have to imagine, in 2 years, they will exist, so start factoring that in now. the alternative is to make the shares devalue when they come out of escrow which wont be happening. a few may sell some, but i have some, its about a quarter of the total i was issued when the 15c equiv conv note deal was done back in ? september. ie those 15c shares were listed at 20c so a 33% uplift in the value of my holding, and that was before they went to 40c. so effectively i have gone from 15c to 36c. and if they pull it off, several dollars.
IPO - Chimeric Therapeutics Limited - 18 January 2021 #, page-257
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