Assuming they raise say $3M @ 2c in a public offer (they have indicated they intend to raise, despite existing cash holdings); then based on existing shares and vendor shares (I'll use the minimum 1.5c price floor to be conservative), you're looking at a ~$64M mc @ 2c.
Not sure the current market is going to pay that sort of valuation for a pre-rev RTO, regardless of how solid anyone might think the potential market. Also, I haven't included the potential shares issued, due to any convertible note conversion.
JMO. Happy to be wrong if it means everyone cleans-up.
glta
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