Charts, page-2101

I personally agree that the CR of $1.70 creates a price floor that will take some bad news to push below. I don’t think we drift below that price just as a result of impatience. If there were announcements regarding fab transfer delays (for any number of reasons - travel restrictions, technical or process difficulties in fab qualification etc) then yes, it could continue on down.

This period of sideways and downwards momentum is very similar to the period June 2018 to March 2019. There was no bad news, and in fact mostly positive announcements (other than the consolidation) but down we went just because...

Personally, I sense that fab / commercial deals will take all of the next 3 to 4 months. I’d like to be wrong but I didn’t get the sense they are going to drop the mic in the any earlier. As they kept saying, we will get there but this stuff is complex and takes time.

So what happens to the price between now and the end of June (earliest date for good news in my humble opinion)? I think it keeps creeping downwards. What happens after they start announcing outcomes around fab transfer and first customer? Back we go $4 and above... But don’t forget, Coby said that the technical and process transfer can take several months to complete. Boy oh boy... this will test our collective patience for sure.