Michael Ward: That’s fine. No problem. On the cash side, I just wanted to see if I because there were a lot of different commitments in dollars thrown about. So, I want to see if I got this right. You have mentioned I think you ended the year with about $18 million in cash. And now you have $38 million. And so was some of the €“ it sounds like in the first quarter, you have received $10 million in the first quarter, but the $112 million in gross proceeds. Did some of that come into the first quarter, into January, February, I guess you are ending March at like $38 million, I am sorry, beginning of March is $38 million, right? Okay.
Yun Han: Yes. So, this is Yun. I can take this one. Yes. So we, in the beginning of March, we had about $38 million on hand. And we are through March and April, we are expecting to get additional committed funding. So, with the committed funding, we have another $10 million coming in March, and then also $55 million upon the effectiveness of the registration statement. And then amount, other things, we are still €“ we scheduled the second special stockholders meeting to approve the cap of 90%, 99% and that to be scheduled by the end of the March.
Michael Ward: Okay. So, what’s the
Yun Han: Go ahead.
Michael Ward: Is the $135 million in new commitments, is that in addition to the $150 million to $170 million, you announced back in December?
Yun Han: We announced $150 million to $170 million. And with the $135 million, they will get us used, enough through SOP and as well as SOP. And we are currently finalizing the span of the remaining of the year. So, we can’t tell you the remaining, but at least with the $135 million that get us through SOP. And then as you know, we also have access to HELOC, that is up to $350 million. But we got to be very careful on how we use it. That’s for the certificate holders and then we also have $150 million, that’s at option of investors, so that is also likely to come. So, we have a few things going on. And we are currently consulting
Michael Ward: Okay. I just want to make sure I got this straight. So, there are four different parts to it. In December, you announced $150 million to $170 million of funding, right. Now, on February 5th, you announced an additional $135 million. And then you have additional funding, it sounds like, different raises and from investors and from €“ it looks like another $50 million or so from investors. And then you have the equity purchase agreement the $350 million. So, it looks like it €“ just on paper, it looks like, if you get to start of delivery, you get those vehicles delivery, the cash flow, then you have the capital flexibility to get through this year to push them into €˜24 and €˜25. Am I reading that correctly?
Yun Han: Well, I just want to clarify that $150 million to $170 million is the fund we need to get into SOP. That’s the announcement
Michael Ward: Okay. Got it. Okay. That’s what you said you needed. I thought that was a commitment you received. That’s what you are looking for.
Yun Han: That’s what we are looking for as subsequently we got $135 million. And so now, obviously, we also get from other fundings, and that will get us through SOP.
Michael Ward: Got it. Now I understand that. Thank you. That’s where I was confusing. Okay. So, that’s getting you through SOP, and then the next steps as needed. And hopefully, you will start €“ the cash will start coming in the door as well.
