In my experience the submission is not much of a market mover. An expectation / requirement of companies going through this process rather.
Usually approval is a significant de-risking moment that is validated by a good market response.
What it definitely does do, however, is free up a hell of a lot of management time to peruse other avenues.
IIRC Joe will get some shares for completion of the ML also.
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In my experience the submission is not much of a market mover....
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