While I agree it unfortunate some people get burnt, that's the nature of markets, hopefully they learnt a very valuable lesson not to chase. It's a 30% loss you're going to have to get used to that in the spec business.
That being said, $1 isn't that obscene valuation if you've modelled updated numbers.
I'd say they have a fair chance at since they have support from multiple layers of government, local population and large fund support, plus a growing demand for their product.
People who bought the peak will make many times their money in future if this goes through.
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