From the Federal Court ASIC Statement of Claim, Magnis has...

From the Federal Court ASIC Statement of Claim, Magnis has invested $99,500,000 into Im3NY between 2018 to 2023. Add some legal fees and round up to $100m.

From the recent quarterly report, Magnis has made an offer to acquire the secured debt from Atlas Capital who are US$100m exposed with the IP as security.

What is Magnis actually buying - the security over the IP, equipment and fit-out of facility? With strategy to take back control of the manufacturing of batteries that don’t work thus no sales revenue contrary to Poullas stated revenue predictions of $440m in 2023/24.

What I don’t understand is the IM3 facility is leasehold costing US$3m plus a year rent - them add utilities. I won’t worry about staff wages, entitlements or anything like supplies to make batteries.

So if Magnis take back control, will the Landlord accept them as a tenant and if so, what bond will they want after the current financial woes? If the Landlord boots out IM3, what then?

If Magnis pays $1 for IM3 from Atlas, how do they fund ongoing operations? I say $1 because Magnis has deconsolidated IM3 from their books at nil value.

It’s apparent to me that the story doesn’t make any commercial sense but some might be otherwise optimistic.