That's how I understand it and how most spinouts / ipos work.
No where does it say in the filings I read 100% of the equity of the funds raised comes out of Todos's ownership. Todos was obligated to help raise funds for 3CL Pharma. Not pay for room and board, college tuition and maid school.
Once again, I think the 'big picture' is being missed. Let's pick a number and say they raise $15M and give up 10% equity which half would come eventually from Todos stake.
WHO CARES!!!
Todos isn't getting diluted
If 3CL Pharma never goes anywhere, it doesn't matter what was given up
If 3CL becomes a $2B company because this money was used to complete successful trials, then Todos owns something worth close to $1B without having to do any more investment and little risk. One couldn't write up a better risk free game plan.
If 3CL Pharma goes public which they would if they had a valuation of 100's of millions of dollars represented by the strike price, I think that is when you'd find out what the share ratio Todos investors would get (e.g. 1 for 1; 1 for 1.15, etc.)
The one thing I'm trying to figure out is Todos often refers to the 48% as unowned shares. Maybe they are in an escrow with Todos having the option to buy?
One more thing. Todos Botanicals which is one of the 8+ horses. It's a supplier to 3CL Pharma which Todos owns 100%. Todos soon will make 100% of the manufacturing and distribution of Tollovid and Tollovir when the latter is commercialized. This is a BIG DEAL as that sub could have ended up somehow with 3CL Pharma. It possible if Tollovid/r goes gangbusters, Todos Botanicals is worth the same or more. We would just need to understand the COG, margins, etc.
Hey, can we get some copyrighted pictures of GC going asap? Up to $150k per infringement can go a long way to feeding the 8 horses Todos owns in the race.
News 
Market Data 
Discover 
AI
