News: GMV G Medical Innovations Holdings Ltd Files To Withdraw U.S. IPO Plans, page-16

Agree with your logic here.

CR U$15m
Why would:
1. Usa investors pay U$10.5 (70x U15c), when sp has nearly halved from 21c to 12c.
2.Yacov not wait for Cfda/Nmpa approval to get a better IPO price in future, and issue less shares/ADS
3.Lose control (<50%) of Gmv now by issuing *100m shares (1.43m ADS, 70x), whenthere is nothing to gain for him or usa investors to . Yacov will end up with only 45% of 500m.
~400m +100m* =500m shares

As i said 3-4 months ago, they dont need the$15m for next 12 mths opre cost.
U$6m loan balance is sufficient, for next 3-4 qtrs, plus revenues from UK & USA.

That should cover us till we get approvals for Nmpa/Cfda/Prizma/Contracts and UsFDA/Gmpatch.

So usa IPO withdrawal is a surprise to some and not a surprise to others.
Bonus is u/w fee is refunded.