RE:Basic mathOK -- that helps and now much more interesting. thanks for the numbers.
Without bashing, let me just say that credit for asset value typically is only given by investors
when a company is actually making money and growing. But when a company is losing money and there is cash burn the credit for assets is always discounted. And the more cash burn over time the more discounted the assets become. And sometimes for the really troubled
companies (I am not speaking of ATH when I say this) the credit for assets can be near zero, so it can be brutal sometimes to hang on to NAV. It comes down to this, if management can guide positively and meet expectations as per guidance, trust comes back, and along with this credit for their assets come back. But they need to perform first, then NAV begins to count.
In the case of ATH, the one time infusion of 1.2 B when it happens will no doubt trump any poor past performance and I can see this going to $9 +/-. But holding these levels remains uncertain.