Capital Raising or other?

Given NVX are entering Phase 3 of their due diligence with the Biden Gov grant,
I believe some of that consideration is where they will find $150mill to match that grant.

Just rough figures:
Shares on issue equals 490mill and a maximum extra 12 month share issue of 15% would be an extra 73mill shares offered if this happens in full.
$150mill / 73mill roughly $2 a share placement. Obviously some discount to sophs and retail? etc and let's call it $1.70ps to see that coin in the bank.
Happy to be corrected anywhere here (roughly)
The elephant in the room is current SP. Not many will go for a cap raise at 1.7x the current SP.
So where do NVX come up with the alternate coin or what do they have up their sleeve to make sure they can secure the grant????
Add to that your current SP is then diluted further.