What is the fair value of RONN common shares?
The €100,000,000 financing that RONN has secured will be in the form of equity according to the company's April 26 tweet, not convertible toxic debt. I would guess that the financier will be given an 80 – 90% stake in the company in return for that amount of money. At 80%, the value that the financier has placed on the company excluding the financing would be €100,000,000 / 0.8 - €100,000,000 = €25,000,000 = $27,163,371. At 90%, the value would be €100,000,000 / 0.9 - €100,000,000 = €11,111,111 = $12,073,791.
$27,163,371 / 728,787,746 (the current OS) = $0.0373 per share
$12,073,791 / 728,787,746 = $0.0166 per share
I expect that the share price will reflect the value that the financier has placed on the company once the details of the financing agreement are revealed.
Neither the financier nor the company management would want someone who gave the company only $219,300 to be given billions of shares in return. I assume that the convertible notes have already been paid off with money from the financier or a bridge loan from another individual or entity.