Aug. 22 at 7:45 PM
$CMMB at
$2.15 appears disconnected from the potential economics.
The
$150M pre-PIPE merger valuation gives existing CMMB holders ~32% = ~
$48M, or roughly
$6/share based on ~8M shares.
CVRs: potentially
$40M =
$5/share if PSC advances to Phase 3 or is partnered, plus
$10M =
$1.25/share upon FDA approval of nebokitug.
That’s potentially
$6.25/share of CVR value alone, before assigning value to SSc, RA or the broader nebokitug platform.
And now an important development: Touchstone Global Investments just filed a 13G reporting 377,814 CMMB ADSs, or 5.2% of the company. This NEW 5%+ position established as of Aug. 7, with sole voting and dispositive power.
Reported short interest is ~156K shares and borrow costs have approached 200% (costing
$1800/day to hold)
The S-4 should reveal Oppenheimer’s valuation work, the strategic alternatives process and how the 32% was determined.
$2.15 today vs.
$6 implied merger value + potentially
$6.25/share of CVRs + pipeline optionality DYODD
