I would think at this point they need to convey as much information as possible and really they should have much better websites in place. They kicked off a capital raising endeavour with Castle and this would all play into how significant of a capital raise they can muster up. I would guess they have some already lined up or significant interest, but they need to be in position to attract institutional and accredited investors starting now.
Probably the overall amount and nature of the capital raise will go a long way in determining how these entities are structured and what is filed on Form 10 with SEC. They mentioned possibly listing other classes of securities. So not just common shares, but could they list preferred shares or spin out one of the two subisidiaries for listing as well?
I do think this whole process has been about control and to go to these lengths means they believe they have some significant assets. (Which I think most of us longs agree). This probably also provides the opportunity to settle out the warrant and convertible debt conversions easier to again maintain control over stock ownership and not some advisarial party accumulating. Kinda like a re-launch of the company forthcoming and with all stakeholders aligned they could really achieve a much more fair market valuation and be poised to multiply many times over with clinical success in the coming years.
I am not convinced this will happen as quickly as some believe. However time is money in pharma space so they need all flexible options open and attracting significant investors and resources probably requires a publicly traded vehicle. And they have had 18 months to "plan" all this, so we could see a continual transformation occur weekly over the next 3-4 months leading up to possible additional grant funding and progress on current grants and pipeline activities.
With the right leadership and progress that is leading up to 2-3 candidates heading into clincal trials over the next year or two, I could see this achieve several 100 million in valuation easily, especially if there is any hint of clinical success or BP partners step in to place any one of these candidates into their pipeline via a JV/license/milestone deal which is their monetization goals for everything...
I expect we will continue to hear more and more over the coming weeks into early 2026. Much to look forward to I believe. Time to enjoy the holidays.
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