I don't see dilution as an issue, however you want to dilute at the highest price possible to limit the degree of dilution. A 17% discount, or price of $5.10 puts it at the lower bound of the price for the past 12 months
I get that the raise is primarily for long-lead time items, and in the DFS, it was stated that procurement would start Q2, but to raise now is just strange timing IMO given they have $180M in the bank.
If the lithium spot price has bottomed, and IF the lithium spot price turns and starts to increase, then you would assume this should help to lift all boats. By raising near 12 month lows, when you have $180M cash on hand, to me indicates they don't expect the SP to dramatically improve in the next 3 months, which is an admission of a soft/deteriorating market.
VUL Price at posting:
$6.16 Sentiment: None Disclosure: Not Held
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