great offer, page-8

As I see it if we use the 4.6M number for 10%:

Luye pays 4.6 for 10% - goes to 20% CASH goes to NUSEP
New instos pay 4.6 for 10% CASH goes to NUSEP
Us shareholders get 1 for 5 for 50% - NO CASH
Nusep holds 10% - NO CASH
IPO 10% - NO CASH for Nusep, CASH goes to PriMe

So Nusep gets 9.2M cash, PriMe Biologics get 4.6M in cash which is no where near enough for the plant unless I'm mistaken. One wrinkle is if Luye and Instos subscribe for shares in Prime then Nusep is diluted but presumably its 70% stake is valued higher, so the spin-off shares trap that value?

What will Nusep do with 9.2M cash? Spermsep? New investment in separation technology...? more questions...