Jul. 24 at 11:00 AM
$NEUP 8-K Summary — July 24
Merger valuations: Scancell
$144.6M, NEUP
$24.6M. NEUP holders get 11.1% fully diluted.
Per share scenarios:
• Pre-money:
$3.48
• Post-money floor:
$4.72
• Post-money max:
$5.11
Armistice (warrant holder, invisible in 13D/G filings) takes
$3.5M cash guaranteed at closing.
CVRs: Merck, KAT6/Pfizer, IP monetisation, R&D tax credit — 100% net proceeds, 15 years, non-transferable, no guarantee.
Bull case: Trinity Delta £382M Scancell fair value → ~
$10.50/share post-NASDAQ re-rating. 12-24 month story.
❓ Open questions:
1. Board rejected
$4.75 Lynx cash — how is
$3.48-5.11 superior?
2. Lynx agreed to lock-up at 16.3% — BNC210 side deal post poison expiry?
3. BNC210 PTSD absent from CVR despite Phase 3-ready + FDA Fast Track
4. Superior Offer clause retained
5. Form F-4 proxy in 4-8 weeks — watch for side arrangements
