Under "normal" circumstances, I would agree with you, but PLL is managing their cash like a rock star and a drunken sailor went out for a night on the town in Bangkok.
An asset is only worth as much as you can get for it, and right now, it would be FAR less than $75M. Add-in the perceived weak balance sheet position of PLL, and it's even less.
BTW, even at $75M, it would be small, by Tesla's standards, though I doubt they would more than half the sum you've cited.
Just an opinion. You're entitled to differ.
Piedmont Advancing with Ewoyaa financing application this quarter., page-6
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