Next round financing
The MDA mentions the intent for another round of financing in Q2 which ends in 3.5 weeks. Some of us have been involved in previous PP (not me, but I have a friend that was invited on the last one) and there have been no invites or feelers.
Therefore two options
1. They have reached out to the pool of moneyed people close to them that participated in other PPs. I'm talking about the people who were included in the first PP, not the follow on one. Those people got very advance invites that were not widely distributed. Those people and the people they know seem to be able to generate around 2.5 m a round. TLT's burn rate is around 400k per month so that gets you another 6m runway.
2. Some sort of JV connection or licensing deal. I'm not thinking this is likely as I don't believe in managements abilities to make something like this happen. Sorry. Low expectations.
Assuming (1) is correct, when they announce that the have enough money to run for a bit longer AND that the small PP is done, then the price should increase more naturally. There will be a lag while people wait to see if follow on offering is going to happen or not. If no follow on offering then price should be uncapped a bit. Then BDT happens and bigger pop. Bigger pop and some warrants bring in some new cash and so forth. IMO