Unidentified Investor's questions to Scinai Immunotherapeutics Ltd (SCNI) leadership • Q2 2024
Question
An unidentified investor asked for clarification on the total shareholder equity and fully diluted share structure following the EIB debt restructuring.
Answer
CEO Amir Reichman explained that the EIB will receive 1,000 preferred shares, convertible into 364,000 ADSes. On a fully diluted basis, including all outstanding warrants, the share count would be 1.865 million ADSes, up from the current 838,000. He stressed that the conversion is restricted for the first year and paced thereafter by a 4.99% annual ownership limit, ensuring a gradual process. He also noted that warrant exercises would provide additional capital.