Alan,
One difference in belief that I have with your post, is about the failure of the offering if no contract coincides.
The reason for the difference is because the offering only will go live on the NASDAQ; a whole different kind of investment base.
When you inspect the structure and operations of the AM group stocks traded on the big boards, they clearly show early phase company characteristics of no profits, growing capital expenditure, and large multiples. All of them, without exception, show this. Yet the shares are generously priced. That is because the more sophisticated investors in the stocks are just that- investors. They have bought and held for the potential and expectation of growth.
I expect that the same will be the case for SGLB on the NASDAQ. So I personally feel that the coincidental contract is not necessary, but it sure would be sweet. And I do feel that if one is not coincidental, one does need to occur within the next three or four quarters.
All the best,
Silversmith