EPA update, page-40

How are you getting a billion dollars in capex by only doubling the register of a $75 million dollar company?
Unpossible. It's going to blow out 400% even with a huge chunk of government loans to cover half the capex. (still not too bad to have 1 bill SOI)

Very good news the disgustingly slow EPA process in rolling on and there is light at the end of the tunnel. Will make it harder for some to vote yes to 12-1 I think given AVL are way behind...

Given the current price of vanadium I wonder if being ready earlier is much of a value adder now myself - there is simply no FID possible at these prices. So perhaps TMT are just unlucky the price is in the toilet at the time they otherwise would have had very good leverage on a merger.

But I am interested in what number of shares you guys think is sufficient to warrant a YES vote.
13 - 1 instead of 12 - 1 is an 8.3% improvement.
14-1 is a 16.6% improvement.

Does 14 sound right to most here? NFW you'd get any higher than that even if you managed to knock back the merger at a vote IMHO.