I can sort of understand the delayed revenue argument but using...

I can sort of understand the delayed revenue argument but using that logic NVX and TLG revenues are way further out than SYR, combined with higher development risks to that revenue compared r
to SYR. All things being equal their MC should be substantially lower than SYR or SYR materially higher (my preference!).
To me that means NVX and TLG should be the short target. I tend to agree with Motors comment that this all revolves around shorter access to SYR shares (i.e. larger pool of institutional ownership and short lending capability).

Though I know i shouldn't try and apply logic to the market!!