From the accumulated totality of every small detail we have been...

From the accumulated totality of every small detail we have been told over the past year it is only a short matter of time before at least one of the FABs, whether the 6" or the 8", will deliver finished and tested wafers to EM's packaging plant. I would be very confident that ASIC devices are already sitting there waiting for them. So it will not take long for wafers to be turned into finished chips. Then those chips will be delivered to AKP labs in Tel Aviv for final evaluation and installation into demo modules. It can only be a brief period from there to being able to demo to SH in Australia, as well as to place such demo modules into the hands of those eager prospective customers whose existence we have been reminded of so many times now. How long then from receiving wafers to first demos? Probably a matter of a 2-3 weeks I would surmise. How long before Yuval demonstrates on video on the AKP website for anyone to see and hear? Probably not very long after that.

My guess - and I highlight the fact that it is a guess - is that the company is likely to have seriously expected that to be well in hand in time for them to have that product to announce "prior to the end of March quarter" as indicated in its response to ASX query. If that had happened as expected that would undoubtedly have been sufficient to convince the auditor that such a demonstration would have been dynamite for the company's financial expectations, and would convince all and sundry that its product was everything that it had promised for so long, and that doing a cash raise at that point that would first have allowed the market to glimpse where its share price would be likely to go, and would permit it to do a raise at a much higher price than it was before its suspension. The effect of that would be to maximise the yield of the raise to provide all the cash it was likely to need, while minimising the dilution of the share count. Who knows, it may well be that such a raise would extend to including a loyalty bonus for existing shareholders who would reasonably look to being granted discounted share options on a pro rata basis.

The point is that the reasons given for the delay would not have been expected, and certainly not all three of the events occurring together such that they seem to have totally stymied the obvious intentions of the company. These incidents have clearly foiled the intent and confident expectation of the company, and anyone reading the announcement can, or at least should, sense the frustration, embarrassment, and consternation of the company at being placed into this position. I know I can. And I am entirely sympathetic with their frustration. But once this series of bad luck blows had befallen them - befallen us - it seems like they are doing everything in their power to recover and continue their sprint to the finish. Share price in a hole, suspension, auditor declination, and mockery from the sidelines included. I am impressed at the resolve that is being shown, and not least by the willingness of its chairman to reach repeatedly into his own pocket to facilitate its progress. That is confidence and commitment if I ever saw it.