Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-34

My 2cents. Delisted as I suspected.

They are approaching the inflection point. They are burning cash going through early production pains trying to do this reliability at scale. Sink or swim moment. I think they will swim.

So, ve+ cf may ramp up quicker than outgoings and development costs decrease and/or stabilise. I think they decrease. So their bank account grows, debt risk stabilises.

They will only IPO if they succeed with aforementioned. What’s the point of going public? Access to capital markets (the seem to have been managed to limp along without access via private arrangements), and or liquidity for insiders to cash out (a proportion of their holdings) by offloading a “derisked” positive future prospects story to other investors/punters.

Reading the announcement, the IPO will be a cash out opportunity, if they successfully get past the inflection point.

Other option is insidious. Stay private, dilute the f*** out of existing holders by raising and performance options only to insiders. Then buy them out and/or public.

I think it’ll be a combination of the two, and the IPO is probably late 2023 / early 2024 if the world doesn’t enter into WWIII first.