Let’s not kid ourselves — this wasn’t some mum-and-dad placement. ADN didn’t raise to survive — they raised to push.
Debt deal’s in exclusive DD. That’s not window shopping. They needed a bit of ammo to keep leverage while negotiating — smart move.
HPA’s the real sleeper. Wasn’t even baked into the numbers, now it’s the headline. Market’s starting to clock it — ADN got in early.
DFS is done. They’re gearing for construction or offtake talks. This raise gives them breathing room without gutting the register.
If you think they did this to patch holes, you haven’t been paying attention. They’re laying track, not plugging leaks.
ADN Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
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