There is also a chance they may never need to issue dilutive equity again.
Currently 79M shares on issue and various unlisted options and performance rights.
EMVAE 6M perf rights assigned to Uniquest (unlikely to be achieved) so no dilution there.
EMVAP 2.8M options at $2.25
EMVAQ 250,000 options at $2.65
EMVAN 500,000 options at $4.05
EMVAS 700,000 options at $2.25
EMVAK 400,000 options at $2.25
If the trials are successful then you can safely assume the above options will all be in the money by their relevant expiry dates and exercised bringing in an additional $11.4M
I believe the next capital raise (if there is one) COULD be strategic money (not a broker raise) off the back of successful trials.
Worst case scenario, on the back of successful trials, we do another broker raise late 2024 raising circa $20M at $4+ resulting in a further 5M shares issued. It's highly unlikely EMV gets to 100M shares on issue. PME has just under 100M shares on issue and a $96 share price. COH has under 70M shares and a $286 share price. Don't underestimate what disruptive med tech stocks can do.
These opinions all assume success with trials.
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