I went back to look thru Joe's posts, but there are too many and I can't really find what I was looking for. However I thought the S1 initially was to raise money (1 years worth) for NGIO uplist. If anyone recalls, he was talking about us shareholders having like 6-8% of the company, GNBT maintaining at least 51% for control and then bringing in investors for the balance to provide the 1 years+ working capital to uplist. Instead of raising $40M at GNBT right now, maybe it should have been a combination of the 2 companies. Unless Joe is getting $40M for GNBT and then transferring $10-15M of that to NGIO to uplist it with the merged company. Then GNBT would own 92-94% of NGIO, without the other investors right now, and our price should go up with the NGIO uplist and valuation. Just spitballing here.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.