Regardless of the agreed-upon ratio by TMT and AVL, there's...

Regardless of the agreed-upon ratio by TMT and AVL, there's uncertainty about whether we'll actually receive the promised ratio if the final merger takes 5 months to complete.

What if, between now and the merger, TMT gains value due to an approved EPA, while AVL's value decreases?
It's challenging to predict all possible outcomes and arrive at a fair ratio.

There are a number of unknowns. Is TMT management confident that an EPA approval is imminent? If so, why didn't they wait for the results before agreeing to the merger? There must be a rationale behind TMT's acceptance of 1:12 ratio. It's important to highlight that they postponed the EPA submission for several months, which raises suspicions that the current submission might have been a diversion. Similarlly, where they confident that the BFS would yield substantial improvements over the previous feasibility study. We can only make conjectures, and we may never have access to the actual reasons behind these decisions.

Therefore, rather than fixating on the ratio, our primary concern should be the merger itself.

For both TMT and AVL shareholders, the merger implies another 1-2 years of waiting. Are we willing to tie up our funds for that long, hoping that this time they will deliver results at the end of the waiting period instead of proposing yet another study to enhance the numbers?

DYOR