Chinese player swoops in on embattled WA lithium miner, page-7

I suspect their may be a few turns yet. GXY must have an equity investment in Alita of about $40 - $60 million (based on the 5% they bought in open market early then the CR) and Jiangte something of the same. If CHEL puts through a Section 444GA option then those two parties will be hurt badly if all their equity goes to CHEL.

Perhaps the TH on GXY so they can propose counter offer. Maybe a few more turns in road yet.