Hopper isn't new to this VLA Did A 10:1 consolidation at 7.1c in 2012. however it wasn't until 2018 that they inked their deal with Merck. We know we have a raise coming by years end and at a $16-18m burn rate per quarter, you'd think we are looking at a minimum of $60m to see us through to the end of 2026 maybe even into 2027. this would likely add 45-50m shares to the register (22%). unless Susquehanna convert Ofcourse, that'll change things. I highly doubt anything IP related is on the horizon, more likely they've realised they can't raise more money under current conditions.
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