I remember a conversation I had with the company before the SWF invested where I was asking about the start of construction. They said to me that there was no way the board would approve the start of stage 1 before they had some of the funding secured, as they would risk insolvency.
The board must be pretty damn confident in BAI and the IDC if they just ordered 800k of long lead items for stage 2.
Ann: Long Lead Time Orders and Construction Update, page-2
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