Is that not the issue? If I had to guess - and it's a guess lol...

Is that not the issue? If I had to guess - and it's a guess lol - investors may be preferring to put their own cash to work and earn that 4.5% interest, rather than sitting and waiting on this stock.

Think about KRM being a long call option. The premium you're paying for that option is the interest foregone. Question is, is that premium you're paying worth it? I guess lots of investors are saying "no" because the payoff from the projects has been pushed out longer and longer (I'm guessing?). The longer the payoff, the more expensive the option - the more you're missing out on interest earned risk free.

Just my guess. But I'm wrong 99% of the time.

By the way, how is the cash being managed at KRM? I hope it's not just in a deposit account, because I imagine they wouldn't be getting full interest possible (i.e. balances above 1mm usually get below prime). Hopefully in a money market fund or something, or direct bonds/bills.