It was never an IPO. Some on the board thought it would be, but Jim never said it was.
From last Oct Shareholder update:
Investment Bank pays for acquisition via private placement. Investment Bank gives the valuation to GTHI/MSE
You wondering about what the divi shares will be worth....It is what ever the Investment Bank determines it to be. Which is still undetermined. Which means you have to wait to find out. I'd assume the Investment Bank will value the shares substantially as they need to sell them to make their money. IMO