The first part of the AAM rights issue is estimated to raise...

The first part of the AAM rights issue is estimated to raise between €5m - €10m. (According to AAM’s recent announcement).
For me, the most important question will be how much of the new issue Balaton takes up.
If €10m is raised, I estimated (from a previous post) ~ €5.76m would come from Balaton.
Outside of Balaton and Altech all other holders accounted for only 96,353 shares, therefore a maximum of 96353 x 40 x €1.1 per new share = €4,239,488 can come from them.
Regardless of the amount raised in part1, it can't flow to ATC until part 2 of the raise has completed and they raise more than the €20m minimum required to buy a 9.8% share of the project.
As of 30/09/2019 they held $2.64m, plus CRs of 2.0m + 1.8m + 2.8m since = $9.2m.
Outgoings for Q4 were estimated at $8.8m.
Even if they spend no money on construction payments in Q1 2020, historically they spend around $2m to keep the lights on including $700k for the KfW IPEX-Bank facility fee.
Therefore either they defer a big portion of the $7.0m of estimated construction costs into this quarter in the hope of the AAM part 2 raise completion prior to 31st March or they do another CR.
As one of the 300, I maintain faith in management's ability and remember the saying,
'The darkest hour is just before the dawn'.