On a fully diluted basis (on the basis of the Q3 financials) $1B is approximately $4.23. So $1B for 10% would equate to a valuation of $10B or approximately $42.30 USD. My suggestion regarding a private placement is leaning more to an equity transaction with a commercial partner rather than a 'cheap' dilution via a capital markets (retail) transaction.

An equity deal with a commercial partner yields a valuation that is established by a 'first' adopter and not market valuators and could still be brokered thru an institution as mentioned by PC.

I just think this type of transaction needs to happen to be firmly established on Nasdaq. Our current management hasn't given any indication nor hinted that this is contemplated, but I do think the capital markets member of the group will have a say to some extent.