Ann: Update on Central Processing Plant Commissioning, page-297

You seem to be rather confused with this.

"As a general rule of thumb, 1 billion market cap equates to a $1 share price".....again, what? For the sole instance of SOI 1B.

Discussion of MC and SP correlation without mention of SOI is utter nonsense.

There is no general rule of thumb here. A $1B MC can obviously relate to a broad spectrum of realistic SOI and share prices (SP $10 - SOI 100M through SP $0.10 - SOI 10B).

"On a speculative stock 176m cap with a $1.02 share price is a glimpse into the future share price trajectory." How? All this says is that the market currently values PEN at $163M, which equates to a SP of $1.02 ONLY because of SOI 159.6M. Market cap is the valuation, SP is entirely derivative and meaningless. MC trajectory will be dictated by Lance commissioning success and broader market conditions and will drag the SP proportionally along with it, ignoring further dilution. Really basic 101 stuff.