Hoops, SPAQ is like a shell company I mentioned last week. Joe was going to go that route a year ago, but called it off to go public directly. Don't know why, but even giving up 20% of NGIO to the SPAQ back then, we would be in a totally different, most likely significantly positive, position than we are today.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.