Ann: Application for quotation of securities - WFL, page-18

I don't have any answers—just some thoughts.

The GEM facility or more accurately GEM the alternative investment group will have undertaken significant DD. They are clearly active and cashed up. Since Wellfully in May they've closed 5 other transactions worldwide, some substantially larger.
https://www.gemny.com/closed-transactions-2022/

I suspect the GEM facility agreement is flexible. Although they are clearly return-driven, their process (https://www.gemny.com/process/) suggests flexibility and a medium-term view. It suggests they have good visibility into where Reduit / Swisswell are headed and appreciate the progress to date. It also suggests they like to position to have influence... so don't be surprised if they emerge with a Board seat, bigger holding and who knows maybe some other kind of convertible note style holding.

There is an elephant in the room, but maybe they are the whale.

Fun and Games.