I think there is a formula used for the strike price so if that is the case it would have been out of their control. I think by Aug24 IMU will be a much different company with Vaxinia and Azer Cel both is fast-track/ registrational trials. We will have much more data on these trials as well as Oncarlytics and PD1 vaxxs new trial about to start. The BOD would be very keen to get these ds converted it is worth something like $ 90 million for them.
We could have 2-4 deals by then, Vaxinia, Azer Cel, PD1 Vaxx and possibly oncarlytics.
Ann: Application for quotation of securities - IMU, page-48
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