Let’s assume Separation occurs before the market opens on October 3rd. There is then a 5-day trading period to calculate the adjusted maximum GM T2 subscription price, as set out on page 31 of the latest LAC Newco presentation. Sometime after that, but before the end of the year, the DOE Loan and GM T2 will be announced and then closed. So, there will be period (one week to 3 months) where LAC Newco will trade with the uncertainty of Thacker Pass funding, and in particular, uncertainty as to whether a further dilutive capital raising is needed to secure the DOE/T2 financing. If that happens, the share price of LAC Newco during this period is likely to be discounted (institutional investors taking a “wait and see” approach), before “popping” once funding is finalised.

Is this what others are expecting? Any other thoughts on this?