To make everyone feel better. Delfin will likely have to put down 20% - 40% for the financing, so a lot of money. Although the ships don’t come all at once.
Unless they can get that cash from one of the investors that typically care about liquidity (unlike a large bank such as Citi) for a stake in the parent then they will likely either use $TGLO or structure it for future use with a PIPE or some other vehicle.
The latter will probably still require SEC disclosure linking the potential merger between the two, but not necessarily in all cases depending on how the agreement is structured between Delfin and the investors.
The odds a non-major bank investor will give $1.5 - $3 billion with no exit is unlikely, so the use of $TGLO is very likely. But still, the timing for merger can be delayed and a long ways off
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