The problem with this current valuation for the shell
is NewCo has no equity in it. Roughly 100 million shares or $7 million market cap represent the OldCo.
That's really pricey for a shell, in my opinion. Here's what I think will happen:
NewCo investors will buy the outstanding Preferred B1 shares at par, a $750K investment. That will give them voting control. $750,000 is probably a fair price for a clean, reporting shell.
At that point, I can see them doing a reverse split to reduce OldCo shareholders' equity in NewCo. Then, roll in assets and business for more equity, either preferred or common.
Ticker/name change when all this is done.
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