But in terms of Market Cap, should always use fully diluted register.
So circa 45M total shares on the register + circa 5M for this raise, can safely go with 50M fully diluted shares on issue.
$200M MC at 50M SOI SP would be $4 in round figures.
That's a nice SP for those holding, I'm skeptical it'll get that high in 2022.
But in terms of Market Cap, should always use fully diluted...
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