I’ve been monitoring this for a while and started building a...

I’ve been monitoring this for a while and started building a position—some yesterday, and added more today. The chart looks like it’s forming a base here, barring any geopolitical shocks (e.g. Iran/Israel escalation).

Right now, it’s effectively trading as a shell—$26 million in cash, $24 million market cap. On pure arbitrage alone, there’s a compelling case to allocate capital here.If Penikat gets approval, we could see meaningful upside. My view is that, in this inflationary environment, having capital in this stock offers me a better risk-adjusted return than sitting in the bank where cash is losing value.

Even in a downside scenario, if the Penikat decision goes against them, you’re still left with a well-funded vehicle (~$2 million EV) and a capable technical team with a track record of identifying quality projects.

Lets see how it plays.