Mr Tribe has 971,420,136 share worth $131M at stake, he is not...

Mr Tribe has 971,420,136 share worth $131M at stake, he is not going to mistreat himself with a massive dilution.

The timing of the NASNAQ listing is most likely when SP has had another stella rise to 20 - 30c, perhaps after staggering news with a few more $b value attached. Then new shares in the form of ADR (American Depositary Receipts) on NASDAQ would be floated with a 10-15% discount at around 25c or US$0.195. Just a nice "cheap" price tag for an up and coming biotech company which has 2 RNA drugs to treat CNS diseases with recurring income of US$10b p.a.

But WAIT, the US market doesn't like penny stocks of sub $1, so PYC may have to go through a Reverse Stock Split, say 1-for-10 Reverse Split to create shares of $2-3 each before the initial offering on NASDAQ.

Looking back at PYC's history, the discount to new CR normally represents the dilution factor. So for a 10-15% dilution, in exchange for the ability to tap into a huge pool of investment capital from the US investing community, it's not that bad after all.

The probable timing would be at least H22021 with large animal tox results and the 2nd CNS drug announced.

The above is only one of many possible scenarios. All these are my personal analysis and please DYOR.