90% ? Dream on, just because the lithium market is in a hole and...

90% ? Dream on, just because the lithium market is in a hole and stock prices are battered doesn't mean that someone like POSCO would love to get its hands on A40 for 120M. By your reasoning because GXY has a mc of less then 500M and if someone offered 600m to buy it out or offered $1.30 per share we should consider it because it includes a decent premium over the current sp ?
Only reason the mc closed so low is that Burwill sold at fire-sale prices before the game was up.

I think that a 10-1 swap offer by GXY , maybe even as high as 12-1 , would have been accepted by a majority of smaller shareholders if for no other reason then to get rid of the management and stick it to them for giving themselves performance bonuses for wasting money on bs mergers of equals and name changes.
IMO the reason MC knocked back GXY offer and didn't want to negotiate with them is that he's already made a previous deal with someone else in which he gets to keep his job, which would be highly unlikely if GXY takes over, and is stretching for time until they can get the funds in place.