Nadav Kidron

So they did both.

$12 million was an investment and $38 million basically they paid in order, they paid some of it in order to get the license for China.

I see.

But if you look at the numbers, it gives you a valuation.

Like I said, the market doesn't necessarily represent the right value because the market doesn't have the liquidity in it.

Now we are, and this is public in our filing, we are in discussions with potential partners

And I think everybody understands that if we're going to do a deal, if we're going to strike a deal, it's not going to be based on the current market cap, but it's going to be based on the potential that everybody sees into this product.

About $100 million.

So they did it at about double than what the current market price is.

That was at the end of 2015, December 2015.

So I think there's a little bit of a bias in the United States about anything which is China-derived.

That's my explanation.

But I think the bottom line is there's not enough liquidity because if you're a big fund and you're seeing this thing and you're seeing an arbitrage and saying, here, the Chinese is paying $10.50 per share, the share price is trading at $5, I should be paying double

but then if there's not enough liquidity, if you're gonna start buying for one, two, $3 million, it's gonna go to $20 million, $20 a share, that's a limiting factor.

It's a private placement.

They gave us $12 million, and we issued shares for them at $10.4.

If they would put $12 million into the market, it would have been probably at $15 or $18 per share.

So we're in a niche that if you're a small investor, you can come in and you can enjoy it.

But if you're a little bit of a bigger fund, you cannot come in.

There's no entrance for you at this point in time.