A "shelf" does not mean that there is an investor ready to put up funds. Many people here think that the $200 million was/is literally sitting on a shelf waiting for Mark to pick it up at his leisure. The shelf prospectus filing is entirely just regulatory - it just gives you options when you decide to the pull the trigger on a financing; in short, it can make things easier in terms of the regulatory filings, but it has nothing to do with real funds. For clarity: THERE IS NO $200 MILLION. There is no money at all; in fact, it would have cost them funds to get all the paperwork done.
IMO, It is Earmarked for equity investors such as Stellantis. The only way we could have sold them to the market would be if we had an enormous volume to the upside, which we did not.
We need the EXIM approval to get that kind of volume. Or REE news Or a new chairman
At US$4.00 that adds 50m shares to the float for a US$200m equity raise.
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