Sunday, June 24, 2018 4:58:28 PM
Yes, roughly 1.1 m shares outstanding after the split. And for this reverse split to be neutral for shareholders the stock price would have to rise to app. USD 3.50 after the reverse split.
After the reverse split the company plans to issue 15m new shares in exchange for some biotechnology licenses. Current shareholders will be diluted to 6.83% of the capital (1.1m shares out of 16.1m shares).
From the 10-K: On January 2, 2018 Marizyme signed an Assignment Agreement with Saratoga Equity, Inc. that gave us the right to acquire Saratoga’s worldwide exclusive licenses to various biotechnology patents and intellectual property related to wound care, dental cleansing and thrombolytic projects as well as other indications. Upon closing Marizyme shall issue to Saratoga and its designees an aggregate of 15,000,000 unregistered common shares in exchange for the license to the biotechnology.
Whether this is going to be a good deal for current shareholders depends solely on the value of those biotech licenses. Any views on this?
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