frog...i didn't check the s2, but if accurate, it must not account for the balance of the shares registered for LJC, etc. So, in reality, it could be 20% of 1.5bill or it could be almost 30% if the 300M is added to the current OS.
I guess you confirmed this with your more recent statement: "It is an interim state in the transaction, before all the shares are allocated". Hence, you're acknowledging future dilution [even to Dutchess] but ignoring the impact to the % ownership to further your unbalanced analysis.
On the $50mill issue, i still maintain you're way off base. Market value has clearly been established by the buyer [dnap] and seller [biofrontera] at approx. $50mill. If another suitor steps forward, rest assured that $50mill is the starting min. value unless something substantive has occurred since the purchase date.....oh ya, it did. Bio acquired a cancer drug...hmmmmm. Positive or negative impact to market value....i won't interject any bias at this stage.