Alright for fun I am going to throw out a speculative theory - because markets are boring at the moment
AJM has sent their second shipment to a new conglomerate of Chinese companies who are interested in taking an offtake after OptimumNano offtake is defaulted.
This conglomerate is then going to enter into a 50/50 JV with AJM for c.$400m.
We will use half of that to pay out all debt and the other half to rapidly advance construction of stage 2.
We will then use a mixture of free cashflow and debt from the JV partner to fund our half of a third stage expansion.
Disclaimer: I am clearly making this up so no need for serious negative replies.
AJM Speculation
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