A deal will be a very big issue this time around as there has been a few useful rounds of IR setting expectations. They have met with funds in 3 or 4 domestic capital cities, 2 or 3 cities in Asia, London and the US I believe, and delivery of their promises are critical to institutional investment the likes of which we have not experienced before. Northern Hemisphere rounds of capital for an unlisted company like PYC are in the USD20-40m category for 10-20% equity but to make that work in a listed space we would need to be 10-15c so the right data might get the valuation to a certain level but a reasonable deal is what would attract the larger offshore capital.
I know people think the iMYC program is on ice forever, but that has not been my impression - they just want to get the near term high probability outcomes done first and that is the multiple shots on goal for the platform. Out of this the iMYC program could attract its own funding or there might be sufficient deal cash or external capital provided that it gets started up later this year.
Platform MCAP 300-500m first
Unicorns can wait but they are in the billions.
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