Well, don't want to speculate here but it does seem that the model for cvi is this:
1.) Announce to say we're doing something big
2.) Issue huge amount of shares to fund it
3.) Shares goes to brokers who begin to sell out to the retail bidders (investors like us)
4.) Things don't go to plan, delays etc, project on hold. Sometimes project may go belly up, no worries we get compensated with something new. Valuation is whatever they say it is.
5.) Look for next project and repeat the cycle
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