Even after all this time, it's hard to believe you are a real person. I am sure one day I will find out, one way or another.
CE never said he wasn't open to offers. If the right offer comes along, then no doubt that would be that.
Regardless - and importantly - Winsome has the capacity and capability to deliver this without a buyout. You don't want all your eggs in the buyout basket. Ask ex-ESS shareholders how they feel about that.
You can guarantee there is significant interest in Winsome's offtake and by strategics in owning all or a sizable stake in Adina.
Right now, Winsome is probably not keen to lock anything down on the strategic front because they do not need any assistance (financial or otherwise) and the share price is not overly conducive to striking a great deal.
So if Winsome is not gagging to sell out cheap, what can a strategic do?
They would be hard pressed to buy a big enough stake on market. By my estimates, 75% of shares are not traded and then maybe another 10-20% are not traded frequently. The balance is exchanged in a low volume churn that moves the price significantly. Bots passing shares to other bots.
Nothing is as volatile as Winsome - going down or going up. Low SOI and a small float in the lithium space.
So if that's the case, they really need to pitch in an offer that is way over our current MC - which is fine - but the proponent also needs to convince its shareholders that paying a 10x premium is a sound business decision.
That's a difficult ask for some of the bigger players out there, who are naturally risk averse.
Once those risks start getting squared away later this year (and I am confident they all will) - the market will recognise us properly (hopefully the macro has improved by then too) and those bigger players will see us as a better proposition at a significantly higher price.
Funnily enough Micka, your tears won't move things one way or another. Nor will your constant shrill posts.
(20min delay)