Regarding the small cr here at a 23% discount. Lithium America,...

Regarding the small cr here at a 23% discount.
Lithium America, which has a mc of US$80mill or A$1.25bill, just completed a large cr at a 25% discount and immediately traded below that cr price within minutes, not days. Minbos dropped below its cr price three days after relisting and one poster claimed that to be some sort of a record and red flag.
Lithium America has the Thacker Pass Lithium deposit in the US.
"The mine is considered one of the most promising opportunities in the US to produce lithium"
"The Biden administration offered a $2.26 billion loan to Lithium Americas in March to help finance construction of a lithium carbonate processing plant next to Thacker Pass."

https://www.mining.com/web/lithium-americas-plunges-after-shares-sold-at-steep-discount/

There was nothing at all unusual about Mnb having to do its cr at a 23% discount, nothing unusual about the sp slipping below the cr price three days after relisting and it certainly wasn't breaking any records that I know of or that would matter.

Then another poster said he thought Minbos had an 80% chance of insolvency.
I have around 50 stocks on watchlist. A few are blue chips but the majority are small caps that had interesting looking projects or high grade drill results, etc that looked like they were worth watching. Out of all of them I have only traded a handful, invested in a a couple but sold soon after and only invested in one for more than a year or two (A4N).
The rest I thought were too early stage, too speculative or had far too much capex - ie in the billions. Of those at least 40 speculative small caps, I haven't seen even one go insolvent in at least the last 20 years. I recall one that I follwed back in 2009 go bust during the GFC.
In contrast to most on my watchlist, Minbos is far closer to profitable production with a completed DFS, mining licence, large customer offtake, needs far less cash to construct its plant has already paid for large plant components and has received approval for US$14mill of the required US$24mill that remains to be spent to get into production. That loan approval has enabled Mnb to progress other funding options.
If a small cap at this late stage of progress with this small a funding requirement had even a 10-20% chance of insolvency then how would any early stage companies have any hope of surviving?