Nexien BioPharma Inc (NXEN)

[Renegades17]

They look idiots

Intiva increases its ownership % by ~9%, but the stock goes down 50%...they should have just done a merger without additional stock. Perhaps issue a little stock, but not this much.

That said, the current implied market cap is basically what it was before the announcement. I believe they must think that there's at least $200mm of value in their assets. They chose a 6:1 RS ratio probably with the thought that the stock would go up to $0.80-$1 and they'd satisfy the initial listing requirements.