" The non-binding term sheet was announced on January 21 as 0.5% ownership for the $2.5MM.... the definitive agreement lands at 1% ownership for the $2.5MM" - always_learning
I believe you're misreading that. Based on the PR it appears that the investors will get .005% ownership for the $2.5M, just as it was described in the January announcement.
However, my take is that they will also get warrants giving them the option to purchase another .005% later. That's why today's announcement stated "... representing a 1% interest in Macrophage Therapeutics on a fully converted and exercised basis".
The PR clearly states that the $500M enterprise value remains the underlying valuation assumption.
The 10K will have more details, including the warrant pricing, etc. I was hoping it would be filed today, but it looks like it may be Monday.
DDbuyer