With the PYCOA, there are about 520 million shares on offer, so a $4 share price would be $2 billion. That's a ludicrous valuation and it's unprofessional that anyone associated with the company suggested such a thing.
There'll be more dilution before we're done - any pharma taking an equity stake isn't going to pay through the nose for it - and getting back to a $30 million valuation would be a good first step.
melbourne shareholder briefing, page-7
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