the appraisal will definitely be made public and will definitely be high. you basically shop around for firms that will make such valuations and choose the combination of highest and most reputable author. The appraising firm will never suffer because the hiring company fails to make good on its potential. the appraisal's purpose is to support the IPO valuation, and I take back what I said earlier, in this situation with an IPO, it is necessary even if the trickery is hard to choke down. But you often see tricks like this when businesses are recovering or rebuilding anyway, so it was probably going to happen IPO or not. And for us, I guess we should welcome it because it will be the meat of a pump. A full on report from a firm not called "seethru" can go miles depending on the outfit.

Expect an impressively justified analytical report with a set of valuations at the end for low medium and high. Given Elto wants to raise $15M at least I would expect valuations of the asset, not the company to range from (blind guesses here) $30M on the conservative end to $110M on the high end justifying us safely giving up 35% ownership (with 5% reserved for new management) in exchange for a $20M IPO.

Like magic, all of a sudden people will say, you mean 1/4 of Amarantus is valued at $60M and the market cap is only $7.5M? Buy buy buy then we spike pump over a buck and fade back to some multiple of the current price, prolly like 30-40cents or something. Then Amarantus does a 1/10 R/S small raise insta uplist followed by Elto. And so long as there's cash in the bank and trials are progressing, we'll have successive raises from there, but we'll stay listed without further splits at least until we get phase 2b results from eltoprazine.