Letting the market know that NEU has the capability to go it...

Letting the market know that NEU has the capability to go it alone is one of the strongest defenses against an opportunistic low-ball T/O.

It would be a negative signal if NEU needed a partner or another CR.

A successful Ph3 trial(s) will produce the greatest value uplift. JP is letting the market, and potential suitors, know that NEU can stand on it's on two feet to achieve that and is not beholden to any third party that may seek to take advantage of the situation or share in the value uplift.

The SP will bounce around in the medium term but that is largely irrelevant (apart from to holders with a short-term view on NEU, which JP should not be concerned with) as NEU can unlock the Ph3 value by itself which will ultimately give the largest return to shareholders.

This also means that if an opportunistic T/O were to be made when the SP is low the NEU Board can legitimately reject the offer, and recommend that shareholders do not accept it, as they have a clearly defined and communicated path to achieving a potentially significantly higher value by going it alone.

This puts NEU in a very strong negotiating position (either on terms, or price, of any potential deal or T/O).