It's BIOTECH guys, expect risk and this type of volatility and capital-management approach, very long runways - very steep trajectory once in the air, ASX:VLA did same sort of consolidation, albeit, a lot earlier in the 'takeover' lifecycle, so maybe there is an 'upside' once the dust settles, yes 1:34 is going to be 'dilutive' in reality, regardless of mathematical theory suggesting otherwise, as investors, we should come to understand this dynamic at some point... From memory, I made 500-600% from VLA in the end (2017 takeover)...
Voting NO on Resolution 2 introduces some guardrails around capital-management for IMU, losing LC and/or PH might not be as 'strategically valuable' as one's emotions/impulses right now might suggest... The 'intrinsic-science' and 'commercial' relationships/rapport they've likely established would all need rebuilding, more time, and perhaps, less interest, acknowledging though, if 'science is rock-solid' BP-bidders (+ capital managers) will be mauling one another for a piece of the action...
~220m SOI may look/feel more palatable for a US-listing, and/or BP-partner to want aa partnership/license deal, think about what that scenario would look like publicly for a multi-$b BP to partner/license from an ASX-minnow with ~7bn odd SOI currently priced at below A$0.02, when the 'ásk/price' for the deal would represent a 10s of 1000s % premium to current price-action...
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