Here's a thought though, sense check this logic of mine:
If Chemphys deal was not on the cards, GLN would take or advertise the Renault bid; Consequently, Chemphys is still live.
If we assume Chemphys negotiations are still live, GLN would continue to use the ATM to raise money.
These two assumptions lead me to this theory: Chemphys is finalised, or finalised conditional on a capital raise (hence the larger $ amount). I imagine GLN is intending to imminently announce the Chemphys deal along with the required accompanying cap raise (that has already been placed), likely alongside an entitlement offer. This raise would likely be at a premium to the current SP, but would still be immensely attractive to any Fund knowing it'll come with the chemphys/funding re-rate.
Anyway, just spitballing.
GLN Price at posting:
12.0¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)