With warrants exercise on the way, only 65-70M shares need to be issued? Hold on a sec, let me work on some math for you buddy.
The average market cap for TransEnterix is 420M USD, with FDA and CE certificate and European installation of 7 units.
Lets assume titan obtains both FDA and CE certificate at the beginning of 2019, achieve sales around mid 2019, with the consideration of unique advantage of snake arm, the initial market cap for Titan after the completion of commercialization is 150% of TransEnterix (which is 420M as mentioned), makes Titan Medical with the market cap of 630M USD. So 630M USD is our realistic target for the company's market cap in 2019.
The current total number of shares for titan is 290M, if all warrants (all profitable warrants at the current price level) are exercised, it will become 350M. If the PPS continue to increase to 0.8USD with 50M new shares issued (with another 50M new warrants issued) and 3200 profitable warrants exercised, the total number of shares will be 432M. What can be expected is Titan still need to issue 20M new shares to reach commercialization. This 20M new shares come with 20M new warrants, the total number of shares will boost to 472M.
Now, take previous calculated 630M USD market cap into account, the PPS will be 1.33USD.
If we consider TransEnterix that its PPS tripled when passed FDA, 0.44USD is the fair 'benchmark' pps for titan at the current stage.
All above figures are calculated under the best scenario. so total new shares issued will be at least 70M shares PLUS 70million warrants only when ALL current profitable warrants are exercised!
