I agree with Sankhara.
330M shares fully diluted.
Market cap is $132M
They still have $51M in debt on the books and $70M in cash.
Net cash is only around $20M.
They raised $125M, repaid loan of $38M, burned money including on EXS.
Thus net cash is $20M.
Project cash burn for last quarter was $7.5.
Thus cash is around $12M
Market cap is 10x net cash.
another one fallen under cash backing, page-7
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