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Tuesday, 09/03/2024 3:18:18 PM

Tuesday, September 03, 2024 3:18:18 PM

Post# of 2906
The S-1 says that 4.5 million total shares exist now. I imagine that only about a million of those are truly held publicly (not by insiders). So that would be the approximate float now, if it were trading. The IPO will add roughly a million shares to that, so that would be two million. And then they imply that roughly 1.8 million shares will be created when all those notes and warrants that have been funding the company for the past few years are somehow (?) converted to shares. So the total float, assuming the IPO happens and all the other financial instruments convert, would probably be somewhere in the neighborhood of 4 million shares, maybe slightly less. It's a very small number for a public company. And it's the one faint hope for legacy investors, if some sort of tailwind should ever develop around the core business. With a float that small, any kind of broad-market demand for the shares will create serious upward pressure on the share price. On the bright side, they have at least done everything technically necessary to return to trading, and I certainly give them credit for that. Very few companies get delisted like they did and survive, let alone survive with their original shareholders mostly intact. It is very unusual. But until they execute an IPO or otherwise list the shares, it doesn't matter.
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