Capital requirement for the Phase 3 trials ($150m) over the current value of the company (market cap: $760m).
Essentially OPT has to issue an additional $150m worth of shares to being able to raise funds in the US. On the current market valuation (market cap: $760m), it would result a 18-20% dilution of the ASX listed shares. The market valuation during the US bookbuild process is to be done by an investment bank, so obviously the US valuation can be different than the current ASX market cap, but I assume it won't be materially off from it.
Feel free to correct me if I am wrong.
Ann: Opthea Files Registration Statement for Proposed US IPO, page-7
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