After reading through Todos's amended F-1, a couple things stand out to me. First, the company is proposing to issue units that are comprised of one ordinary share and one warrant to purchase one additional ordinary share. I'm more familiar with seeing companies issuing shares, but not shares and warrants simultaneously. Seems like an incentive for potential investors. I recently saw a similar share/warrant capital raise with a blank-check Special Purpose Acquisition Company called Health Sciences Acquisition Corporation. Does anyone know if the share/warrant approach serves another reason than to motivate investors to buy?

On a related note, the second thing that stands out is that these Todos warrants are immediately exercisable. If I'm interpreting that correctly, that could potentially mean a total of 48 million additional shares immediately being added to the current total of pre-reverse split shares. The option to exercise immediately also seems like an incentive for potential investors. It will be interesting to see what the exercise price ends up being.