Ann: Becoming a substantial holder, page-7

There’s only so many shares the shorts have access to. Without taking into consideration the current raise, the short limit was sitting at ~17-18%. PLS steady at ~21%. And as time goes by, the opportunity to cover before good news is reduced which will limit the short activity.

The way I see it, once the capital raise is complete and balance sheet sorted, the DFC loan will come through and allow SYR to tread water a little longer. Enough to get commercial product to Tesla. I personally don’t think the DOE loan is near given the liquidity requirement of the DFC loan. So I think once SYR starts shipping to Tesla only then will the US go all in. They’ve waited this long so another 6 months to confirm SYR can actually deliver AAM is not a long time to wait.

Curve ball would be China exporting graphite products again while SYR are trying to build an ex-China market. This is a real concern.