Ann: Beyondie SOP Project - Operations Update, page-36

I too would expect a placement to sophs rather than a retail CR happening.

I appreciate that view and oftentimes it's absolutely true.
In this case however, a placement to sophs makes a lot more sense.
It's faster, much cheaper, takes less of mgmt's time in organizing and approvals... it would allow the company to focus on delivering - this is a critical time with a lot of checks and balances to make nameplate, having their attention focused on that is best for the company imo.
I'm not entirely thrilled about the timeline for this expansion and how they've cobbled it together, but one thing we can't really argue is that we haven't had enough time to accumulate a position at low prices here. It's not like we've been in a steep SP incline and the sophs would get a discount that we haven't been able to buy at.
A retail CR usually suppresses the SP for longer as well.
Just imo.