RE: @REUTERS ON X πππ4 Apr 2026 19:03
There are only 23,100 warrants at 1p, which have gone to the broker. The 38,500,000 warrants are at 1.5p, not 1p. They have gone to the strategic investor who, presumably, has taken a strategic stake in the company because they see long-term value. So I don't see them flipping the stock too quickly given all the newsflow and stuff happening.
The question is: who is that investor? Presumably, given they know own about 22% of the company (with a further 22% to potentially exercise) we should be receiving a TR1 once they come onto the market.
The point about Bowsprit is interesting: I wonder if the company has pursued this course of action to ultimately get rid of the CLN financing? The strategy would seem to be: generate lots of excitement now, see if the auction can generate huge public and commercial interest, as well as a decent sale that keeps the publicity wheels turning -- just imagine every news outlet saying a T-Rex bag has sold at Sotheby's for X-million dollars -- which then allows them to do a really decent raise later this year at a much higher share price. Nobody will care if, at that point, contracts are flowing in from major fashion houses and car manufacturers.