If this merger fails as seems likely, and TMT continues to work...

If this merger fails as seems likely, and TMT continues to work on its own development plan with the EPA on track for final approval early next year coupled with progress with offtakes, there could well be a major shift in sentiment for this company, especially if the Vanadium prices start to move upwards again (it has to happen sometime). TMT will emerge as the clear front runner of the two companies, and we could easily see a reversal in the ratio of the market caps. TMT would then be in a much stronger position to negotiate fair and reasonable terms for a merger with AVL, should it be still on the table. Most likely we would then see the merged structure with more TMT representation on the BOD and in senior management, and I think most insto and retail investors would see that outcome as a key to success for the merged entity going forward. That would attract me as a potential new investor, whereas the likely outcome of the current merger proposal would not.

All IMHO, DYOR