If the sp is 8c right now, valuing the company at $139m, how...

If the sp is 8c right now, valuing the company at $139m, how does a successful 20nm pl6 re-value us? And how would you quantify the risk of failure as a %?

As far as I can tell this is the biggest hurdle we face and de-risks us to a position near the end-goal, and therefore the SP should reflect a number close to the final pricetag. It's also very possible that this is not the biggest hurdle.

In the scenario that PL6 is the final platform lot required before potentially being acquired, then p's estimation of a 30c SP seems like a good valuation if we were 25/75 on success/failure.