He probably has both feet out with the investors who count.  Otherwise the PP would have been discounted to a lower price.   They don't just throw money around like throwing darts at a wall while blind folded hoping to hit the target.  Lots of companies proposed PPs do not get picked up.  Presently we are in a risk adverse market.     Not only the lenders feel that way. So do many investors.  ARW got their financing so that shows a degree of confidence.  That said a lenders time line is much longer than most retail folks.