I'm trying to look only at data that we know are fact. As you...

I'm trying to look only at data that we know are fact. As you say - Epic failure. I agree it's a failure of management in this respect (and managing shareholder expectations). There is so much other information we do not have; so it's just turned into rampant speculation and uncertainty. At least PL3 failure, was purely technical issues; whereas this is managerial.

Fact:
- SP has fallen 35% approx since the announcement.
- CR was cancelled for unknown reasons other than '...wasn't reflective of what the board consideres is in the best interest of shareholders..' (whatever that actually means).
- Circa 40m shares have been traded since the announcement, which represents approx 2.3% of total float/soi (this is quite small IMO).
- Design agreement/contract has been made with Infineon - to take approx 15months for design of a platform vehicle (the difference between 'design' and 'produce' or 'manufacture' are quite different).
- We do NOT know if Infineon has required a confirmed success in PL5 or PL6 to agree to this design contract.
- We do know that PL4 was a success.
- PL5 results expected in Q1FY25 (fact - has been delayed from Q4FY24). All we know is 'PL5 has been successful, in that it has uncovered some processes that can be improved, and added to the PL6..' (So it begs the question - 'what defines success' in this case for PL5).
- PL6 manufacuring is expected to be complete in Q1 2025.
- We know that the business will require more funds soon (as confirmed by them inititating this cap raise under item 7.1 of the recent AGM - ie, raise x funds without shareholder approval).


Taking all of these facts, there is certainly lots of speculation that can occur between the lines. The biggest one I'd attribute to the drop in immediate sp value is simply the unexpected CR, which was then cancelled/deferred for unknown reasons, combined with the fact that work with Infineon will add a known 15months to the timeframe. Ie, there is unlikely to be any sale for at least another 15months (if this is the direction the company is trying to take - which needs to be clarrified further). We do not know the degree of PL5 success; we also do not know if PL6 will be a success. So it's just a case of massive uncertainty, which has been further excaserbated by recent back/forth indecisive announcements; and poor timing - I mean it's Christmas! Anyway, what will be, will be. Buy. Sell. Hold.