The intent is not for a registration to go effective that quickly obviously. The EPA is contingent on a number of things, one being a registration statement going effective first. The EPA gave BVTK 90 days to file the S-1 from the date of the agreement. Assuming two months to go effective Triton is still a ways off from receiving any BVTK shares, which I think was the OP’s point.
As for Triton, it is a curious endeavor. But the recent DGTW S-1 shows that it is nothing more than a penny financing strategy behind the cloak of some student run private equity fund.
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