I don't think institutions will buy in for a while, not until production begins.
The more "speculative" institutions might get in immediately post-TOL but continued risks would mean a discount to a deserved premium; these include:
- progression of successful first feed
- progression to full 11000 production
- progression to 22000 production
- sorting the PDF problem
- Full operating license
Their all risks that instructions won't take on, or not any more than speculative levels. The effect on SP is open to speculation.
todays definitely the day, page-15
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