The cost for Ionic to produce Graphene Oxide [GO] is pretty...

The cost for Ionic to produce Graphene Oxide [GO] is pretty cheap from what I recall Simon telling me.
The critical thing with producing GO is product consistency - each batch has to be identical to all batches - and Ionic do this.
[other manufacturers may struggle]

With the SPP now NOT having free options, will make the actual IPO process so much easier, because IPO is not being compromised with these new options.
It also means Ionic can keep the option card up their sleeve and use it with the IPO, to make it more attractive.

I do wonder if the advice from large shareholders was that free options not required for the pre-IPO to be a success.
[this is my speculation only

From what I have read re GMG, [who Ionic are benchmarking against] GMG are only at the pilot plant stage - they have not yet achieved commercial production/sales. Whereas Ionic have achieved this.