I think the market cap is pretty reasonable compared to SYR. The deal with the Germans is in my opinion far more valuable than any of the partnerships SYR has.
The issue with TON is the way in which they've given out the shares too easily to vendors and to the placement investors. Those shares coming onto market don't build confidence. If Brad can pull off proper financing that is to long term holders and at a proper premium to share price, then TON will fly!
DYOR
WMN TON SYR are my favorites in the graphite space. Once the carbon age hits, watch out!
TON Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
