Helix Technologies Inc. (fka HLIX)

[NobleRoman]

Capital Structure of Forion:

Another way to look at is a little algebra:

Helix Technologies (OTCQB:HLIX) to merge with Medical Outcomes Research Analytics ((MOR Analytics)) in an all-stock merger, whereby MOR Analytics members will own ~72% and Helix shareholders will own ~28% of the combined company on a fully diluted basis.

If HLIX currently has 119M shares (rounded up), then converting at .027 would be 3.2M shares. Those shares would represent 28% of Forion:

So .28X=3,213,000
Solving for X is 11.5 million shares outstanding for the new Forion Nasdaq company. KERN currently has a misleading 14.6 million OS pre-dilution of all its convoluted acquisitions which haven't been digested yet. HLIX just reached positive cash flow and fully integrated its acquisitions and divested itself of the Guard.. No idea what MOR looks like, but 11.5M OS on Forion would need a market cap worth 19M to be equal to what HLIX is today by itself.

Which would be 11.5M * X = 19M. Solving for X makes that a $1.65 Nasdaq stock price, which falls far short of the $3.00 minimal listing standards. But that's only 28% of the new company. The other 72% is a mystery. I know they raised over $2M according to this early Form D early this year:

https://sec.report/Document/0001802902-20-000001/

And the PR says they'll have $10M cash. It sounds quite interesting! And that would give those investors in that Form D filing an exodus. But by Nasdaq rules, they'll be restricted for at least a year to my understanding. Trapped, and rightfully so, like KERN's shareholders, which props up its price as I see it on a corrupt SPAC.