I’ve finally had some time to read the prospectus regarding the recent PIPE. What a shit deal!
$10 Million Investment
Issue 1,000,000 shares
+ 2,047,000 sponsor shares
+ 1,000,000 warrants (exercise price $10)
$10 Million Investment if warrants exercised
Issue 1,000,000 shares
+ 3,000,000 additional shares
Total Investment: $20,000,000
Total Shares: 7,047,000
Value per share: $2.84
Here’s what makes it even worse… the PIPE investor can purchase shares on the market for a lower price in-lieu of their subscription obligation… If they bought the 1,000,000 shares for $8 on the market, then the total investment drops to $18,000,000 and the value per share drops even lower to $2.55
FFS… I’ll be glad if CRML holds $2 upon listing…
General Discussion, page-164
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