We pay $600,000 plus X% of the stock of Cutanogen
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Posted On: 10/20/2018 11:06:21 AM
Re: sapereaude #27194
We pay $600,000 plus X% of the stock of Cutanogen (which owns ESS) for 1,098,000 shares of MTSL. (Closing price yesterday of MTSL was $1.85)
Also, we give MTSL an option to acquire a total of 90% of Cutanogen shares in exchange for 50% of the then outstanding common shares of MTSL (the Merger). (There are 3,295,000 outstanding shares of MTSL today.)
Lastly, current MTSL shareholders (pre-JV) will be entitled to receive a minimum of 15% of the then outstanding common shares following the Merger.
Not a great deal for us, but what do you expect. But it puts ESS in a NASDAQ entity to raise clean funds and get Army grants. And we still get a piece of the upside.
Also, we give MTSL an option to acquire a total of 90% of Cutanogen shares in exchange for 50% of the then outstanding common shares of MTSL (the Merger). (There are 3,295,000 outstanding shares of MTSL today.)
Lastly, current MTSL shareholders (pre-JV) will be entitled to receive a minimum of 15% of the then outstanding common shares following the Merger.
Not a great deal for us, but what do you expect. But it puts ESS in a NASDAQ entity to raise clean funds and get Army grants. And we still get a piece of the upside.
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