Nobody cares about the approval of a Phase 1 study for DMT. So look to next year for any outside interest. Also, your 50M market cap number is one that no one has come up with yet.
Go back to Uddins 20 cent per share price target. That was based on 167M shares outstanding. That gets Uddins analysis to roughly $33M USD market cap.
Uddin places zero value on DMT or Cancer at Phase 1. Now take Uddins analysis and add 2.5x dilution to the equation. That's where this thing is headed!
To make it simple to comprehend (hopefully) is to take the original 167M shares and times it by 2.5 (2.5). That's the pre 100 to 1 reverse split calculation. Where now it's 1.67M shares times 2.5 (2.5).
Therefore, a $33M USD market cap (per Uddins analysis) with 4.175M shares outstanding is $7.90 per share price - effectively 7 cents pre reverse split.
Understanding the math provides you with a clearer picture - period. Management doesn't expect you to understand the math and the devastation the 100 to 1 reverse split has caused to shareholders.
Algernon will most likely fire sell shares around the $4 USD per share to get to it's $9M USD capital raise. Add another million shares for the cost of doing business. Hence, a $10M USD fire sale.
I come to these numbers using Uddins own numbers (Uddin is Algernon's go to guy) and the numbers represented in the F-1 filing to uplist to Nasdaq. I'm not flying off the handle here with wild and outlandish opinions.
If none of this "makes any cent's" to anyone - no worries. It will smack you right between the eyes soon enough. The Massive Dilution Train is a coming to your account soon.
Hard to believe I still do dis sh!t fo free.
Only In America!
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