My thinking is that if option 1 isn't an option, there would be...

My thinking is that if option 1 isn't an option, there would be no trading halt. Why and how would there? Would the asx accept a trading halt because 'nothing happened and we were expecting something to happen'?

I think there's a combination of the two – and right now they're looking at whether they can continue to do the work with MIPS alongside something like a Moderna fill and finish etc. The length of the trading halt indicates to me that something is being worked out, and that means it's more likely that option 2 (ie nothing to do with Moderna) is a less likely choice. If it turns out that they had an option and they turned the Moderna option down to pursue option 2, then they'll have a lot of people with flaming logs and pitchforks heading to Boronia!