Pretty good risk/reward from this point The risk side shouldn't be less than cash backing( even though small caps often trade under cash backing, this shouldn't be the case here with the income stream from Fonda- even in the event of a "black swan", eg multiple competitors entering the market).
I'd just been patiently waiting on HHL to exit, in-case there was no one to clean up and it caused some extreme capitulation. Now it's clear there's multiple parties interested. If other SI's are still looking to sell out then the smart thing to do now would be to dry up the offers and let retail bid this up. There's little value in any retail investors selling out at this point, since the large majority are still significantly underwater, and are more likely considering the idea of averaging down.
ACL Price at posting:
6.5¢ Sentiment: Buy Disclosure: Held