Hi John,

I hope you are fine.  The timing of the granting of those SO and the fact that TM and Suresh wrote a check of 135,000$ each few week ago for the financing, leads me to think that something is brewing behind the scene.

If there was NOTHING brewing….the SP would have go lower over the coming weeks and they could have get a better striking price for their SO. ( a lower price ).  The fact that the SP is +50% in less than a month ( since the closing of the financing ), that ALL of the BOD and the upper management did write a check for the financing and that Suresh was pretty clear that they were looking for some kind of alternative funding leads me to think that they will probably sell all or a big chunk of their share of SPX.

They will probably land a supplying agreement with SPX simultaneously to the sales of their share in the JV.  I may be wrong but that would be the easiest way to get new capital without any insane dilution.

Time will tell