Let's agree to disagree. What is and is not considered material...

Let's agree to disagree.
What is and is not considered material can be ambiguous.
For example, the advanced discussions with CHR would have been material yet it was only announced when the deal was ultimately signed.
So long as the Pivacs, plus other insiders in the know, don't transact on the information, it could be seen as commercially sensitive and therefore not announced. This is the way I understand it but don't take my word for it.
In the same way, the FAT and SAT and also the machines departure can be considered commercially sensitive.

In any case, I'm sticking to my theory that they are waiting to complete the JV FAT, SAT + Demos with the US spec machine based on the the US Spec machines under construction. We don't know how close each of these machines are to commercial readiness. Of course I could be wrong but investing is and always has been about dealing with the future unknowns. One needs to think in probabilities and there is an element of luck involved in dealing with the unknown.

In any case, even the most pessimistic forecast I can think of, except for a total system fail, has FBR doing very well for me over the years, despite the anticipated dilutions.
Risk to me is about assigning my best guess probabilities on what I believe to be the floor or downside scenarios as it relates to Operating Income/cash flow. This to me provides the margin of safety. Uncertain upside in my view provides pure optionality. The floor speaks to downside protection and protection of capital.

It's genuinely sad to see all the comments from the know nothing posters above. They continue to confuse price and value which is the cornerstone of investing. Unfortunately, none of us can help them with their two dimensional thinking. They will have to learn the lesson the hard way and hopefully it doesn't cost them and their family much in terms of losses and/or lost opportunity.

Not providing investment advice. Do your own research, etc etc.