Its very tragic at how quickly this company has imploded.
Just one year ago, it was getting ready to go.
https://wcsecure.weblink.com.au/pdf/MNS/02618081.pdfNote this comment: Magnis’ Lithium-ion battery manufacturing facility operated by Imperium3 New York Inc (“iM3NY”)
completed internal qualification of its commercially produced cells.
Post the commencement of commercial production, an internal qualification process commenced to ensure cells are in compliance with safety and environment guidelines as well as customer product specifications. During the quarter, this program was successful with cells now undergoing independent certification prior to being shipped to customers in commercial quantities. Independent certifiers were appointed during the quarter to complete the certification of cells for transportation. Due to staffing resources by the independent certifier, there have been delays experienced. Meanwhile, sample cells are being assessed by customers to ensure they meet their specifications. Once the independent certification has been completed, commercial quantities will be shipped to customers. Revenue recognition will commence once customers have finalized their assessment processes.
Dec 2022 Quarterly report.
https://wcsecure.weblink.com.au/pdf/MNS/02624463.pdfWas that when they picked up the problems?
Why wasn't the market informed of it?
(20min delay)