"No relevance to what a major would think or do. But a key step in future financing and indirectly to future share value."

Perhaps not in what a major would do, but this NR is important in terms of setting some values that a major would be compelled to recognize. The need is to have the shareholders hold to a higher valuation of NOT so the takeout sp would be expected to be higher....if the balance of investors care....if you know what I mean. I suspect NOT is using shark repellent in shark waters. We'll see if it works.....and hopefully this is the tip of the iceberg for coming NRs. Today's NR was fundamental, the rest will need to be sexy.