Let's discuss from a scientific and regulatory standpoint, as the European Market Validation is a $technical $illusion. As a retired CPA, I can tell (do feel free to check for yourself🤔) that $validation in an audit means proof of existence and value. In the context of the Frankfurt Stock Exchange (FSE) and EU energy regulations, the company is using a Regulatory Arbitrage strategy.
Here is the breakdown of why they can say it, despite having no proven technology or certifications.
1) The Listing is not a $Certification
a) The company is likely targeting the Quotation Board of the Open Market (Freiverkehr).
b) Why? simple as the loophole is that for a secondary listing (dual listing), the FSE does not validate the technology, the revenue, or the business model. They simply verify that the company is in good standing on its primary exchange (the OTC Pink). hopefully one day QB 😏
Create an Illusion🙄 To a retail investor, Listed in Frankfurt sounds like the company passed a rigorous European vetting process. In reality, it is an administrative check-the-box procedure that can be completed in 2–4 weeks. It validates the legal existence of the shares, not the functional reality of the Texatron or Kepler GTL.
2) Validation vs. Eligibility (The SAF Trap)
a) The company’s mention of Sustainable Aviation Fuel (SAF) targets the EU’s ReFuelEU Aviation mandate (which starts at 2% SAF in 2025).
b) Their Trick is they are pointing to the market demand (the requirement for airlines to buy SAF) and calling it $validation of their technology.
c) While the actual reality is that to actually sell SAF in Europe, you need ISCC (International Sustainability & Carbon Certification) and ASTM D7566 technical certification.
Now for the $audit $hole, Kepler GTL has none of these. They are pointing to a massive legal requirement (the EU mandate) to create a Total Addressable Market (TAM) that they currently have zero legal capacity to fill.
3) I have addressed their choice to use a CFA numerous times, so again as to the CFA Valuation as the Proxy.
a) Since they can't point to a working reactor or a gallon of certified fuel, they use the CFA led Third Party Valuation (the one justifying the 240M Series B) as their validation.
b) By having a CFA firm put a price tag on the patents, they create a documented asset value that the Frankfurt Stock Exchange accepts for listing purposes.
c) This creates in sense a circular logic, if the CFA says it's worth $100M, so Frankfurt lets us list; therefore, the market has validated the $100M value.🙄
AS a retired PCAOB CPA I'll explain a bit later what happens when that valuation falls short 😏
w/ more to come as well on why the use of AINewsWire (an InvestorBrandNetwork / IBN brand)
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