Are you predicting that Sonic would do a similar deal as to what they did with Microba (MAP) in Nov 2022. 19.99% at 25% premium to 5 day VWAP with 5% Options with 18 month exercise time at 56% to 5 day VWAP?
For reference that deal would look like 29,535k shares @ $1.41 per share = $41,7m and 7,776k options with $1.76 exercise price which would raise another $13.7m if exercised.
I'm not so sure that the board would want to give up that much of the business without a long chat with CSL given one of the directors works for them.
I'm not saying that it wouldn't happen though, just that PIQ don't need $41.7m right now. If the royalty was 12.5% instead of 10% then I would see that as a fair trade.
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