Half / Half agree disagree mixed bag. The last 6 months not pretty. IMO Certainly the generous terms of the deferral extension, is a significant towelling I do not think we needed to sign up to.
The agreement before that , reducing the upfront trigger to only 1m was very good, as was identifying the opportunity in the first instance.
But I think I got it right with my first reaction I posted to the 8.5m CR deferral- as a dumpster fire of a CR. Raised the money to burn it on C&M. While CE noted would have been spent on C&M regardless, but we could have sold PWM to cover that and the reason I suspect we were trading 50c was the February expectation of the 1m trigger being pulled.
But, why sign up to the deferred terms ? Why not just walk away at that point / with a still interested but not right now - no obligation?
50c and ready to launch ? became 36c CR we didn’t need , became 13.5c train wreck .
If they still execute a industrial value strategic JV, may yet redeem their broken wings.
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