Ann: Company Update and Samuel EPC Settlement, page-17

They are at the mercy of the offtake customers: "... sales contracts which are critical to the viability of the reset plan"
Think a few things needs to fall in place for PEN.
1. Off-take customers have to be quite lenient on their terms
2. Production schedule finally amended with severe downgrades to 2026 and 2027
3. Debt funding and also Equity funding to be found.

With cash balance $13mn, and dwindling fast, it will be interesting what the Final cap raise price would be.