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.