According to PR from EFL "Total purchase price is a small fraction of the tangible asset value. Financing is planned through debt and grants"

What will be the interest for EFL to make such PR if main part is not secure, Shankar does not need to pump stock. Do not forget he acquired 1/3 of the company (so own more than 2/3) from co-founder Jim Jacobs at unbelievable low price of ... 1.4M so equivalent to 6-7 cents a share.

Since that stock have seen 5$, so he got ample time and opportunity to partly cash in, making such a PR without certitude to close deal will be such stupid and this guy is not.