One thing missing in your note, which I think is...

One thing missing in your note, which I think is relevant.

Chupapi (on another thread), has suggested that they are taking out C4V from their shareholding in iM3NY. If that is the strategy, then this announcement makes sense.

My read is that they are looking at iM3NY purely as a battery factory, where they intend to dump the ineffective C4V battery chemistries + dump C4V from their shareholding in iM3NY and re-start manufacturing using proven chemistries. As a strategy, that seems a logical way to try and resurrect the asset and restore some value.

They would need to bring in new equity partners as part of that as clearly the asset cannot support a large debt load until it is operational. This strategy also probably keeps alive the targeted funding from US government.

In the meantime, all equity holders can do is watch and wait. What I can guarantee is that, whatever the outcome, much of the fevered speculations and assertions on these threads in recent times will become totally irrelevant. I'm surprised that so many are wasting so much time on these threads with this rubbish. It will be whatever it is.