Hard to imagine 4m plus capital all spent into takeover and...

Hard to imagine 4m plus capital all spent into takeover and R&D.
The scheme costs $1.3m I think it’s their working capital at the end of last qtr. We will see the figure in quarterly soon.

IER has valued all of RAP’s 4 core business. the scheme term made it hard for other pharma to bid if they are only interested in some part of RAP. The positive side of TO is after the vote RAP will be approached for deals in these 4 business, potentially fund raising will only be required at its minimum, $5m for 3 quarters (Covid funded already by Pfizer)

Besides, voted No does not equal to Pfizer walk. They had all the interest, signed 6 month R&D, happy to throw in 100m+. Is it making more sense for them to share with Covid R&D benefits or just walk? The only scenario for them to walk is algo are not able to pass their standard in the end. All LTH including me believe this R&D is going to be successful with Pfizer.