$MLND Reality is, most everyone that held through the merger &; reverse split lost money. MLND shareholders &; Tempest shareholders. The Tempest pre-merger PIPE financing raised $30 million and issued 35.3 million shares. That's $0.85 per share of Tempest (the private biotech pre-merger, not TPST).
A hedge fund that bought 1 million shares in the pre-merger PIPE paid $850k. After the merger, Tempest shareholders received 0.0322 shares of MLND/TPST for every share of Tempest they owned. So those 1 million shares turned into 32,200 shares. Putting their new cost basis at