The currently listed outstanding share total of 25 million will be very close to 30 million after the Keystone Capital deal plays out; the deadline is Nov. 6. The share price closed at $4.78 Friday.
The parameters to be determined are 1) how many shares will a shareholder be allowed to buy; 2) how much will the share price be discounted; 3) when is the closing date of the rights offering.
I have calculated many different combinations of which I will spare you the details. The company needs to pay its bills, finish its Phase III, get FDA approval, hire some people, and have some money in the bank. The shareholders need motivation to dig into their wallets. This is a scenario that will work.
An offering that gives a shareholder the right to buy 1 share for every 5 they hold at a 10% discounted price would result in $25,8000,000 for the company. [(30,000,000/5) * $4.30].
I have no idea how long it takes to do a rights offering, but if possible I think it should close Oct. 31 or Nov. 30.