can Accuity lend out that 15m shares and earn a 2-3% interest on share lending? Free money to them anyway. And hopefully short sellers hammer the share price down and when Galan needs to call on the ATM facility, shares will be issued at low prices. Nothing to lose for Accuity.
while i agree this could be an insurance, JP is extremely stupid to do this deal soon after a CR. What kind of signal he's sending to the matket? How many are now thinking there's no prepayment and offtake on the horizon? Stupid CEO, stupid BOD.
Ann: Galan Secures $15m ATM Funding Facility, page-29
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