$INNT On 10/7, there were 35MM shares at a price of roughly $1 placing the market cap at $35MM. RDD is to get 38% shares per the merger agreement, which would have translated into a $48MM post-merger market cap based on this pre-announcement share price. There are now roughly 41MM shares after the warrant exchange. There are another 12.5MM warrants outstanding. If we assume all the remaining warrants get exchanged or exercised on a 1:1 ratio and RDD gets 38% shares afterward, that would put outstanding shares at roughly 75MM. At .65, that would also put the post-merger market cap at $48MM. Neither includes Naia. The question is, does a $48MM market cap undervalue a company with the combined pipeline of INNT/RDD including the 1st phase III Celiac trial, new proven management, new institutional sponsorship, and at least $10MM in new capital? The low on 12/20 would put the value of this combined company at roughly $30MM, which is less than INNT alone pre-merger. I am buying weakness.