Ann: HGST Renews for 9th Consecutive Year, page-17

Such is the reality of financing a cutting edge R&D program on what is pretty much an all or none outcome. It will keep going until it's done, one way or the other. Too many people have lost perspective and view the time taken as a negative, but when you look at the technological achievements, every single year has produced material advances. It has been more two steps forward, one step back but we are still making progress far ahead of any known competition. And if anyone would know, imec would. And if anyone was, would imec be working with 4DS?

What is frustrating is the failure of the sp to grow and reflect these technological advancements and market-leading position. But at the same time, (imo) it gives investors the opportunity to buy a crap load more shares than they really should be able to afford. Throw 4DS in a SPAC and utilise some Wall Street marketing and this would be valued in the billions.

We could be just three months away from the "all" part of the investment proposition, but we are much further from the possibility of the "none" outcome. What could the "all" scenario look like? My take would be something like this:

• TH in Aug leading to announcement that successful PL3 megabit chip, proving the full cell potential can be harnessed in high density memory array - massive gap on open
• Sep/Oct 22 - more testing results released with significant characterisation results released as well as confirming the BOD are looking at exit strategies and are in preliminary negotiations with multiple interested parties. They are looking to maximise shareholder value. You could start to see some significant institutional trades as potential acquirers seek to take an interest on the open market.
• Early 2023 - First offer accepted and announced to market. Will it be licencing, sale or partnership? Will it lead to competing bids?
• Mid 2023 - Deal closes.