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Last year TOYO Ink was able to secure US$980m financing for the project but must get Vietnam government approval. However this didn't go through probably the problem with the Vietnam government or there's so many untold stories.
Imagine can get 30% of financing last year also rejected by Vietnam. Probably Vietnam wants full 100% financing backing before allowing TOYO Ink to continue the project.
There's court hearing with Vietnam government on 25 Mar. Probably will drag on until there's white knight with technical and funding connection with the Chinese government . Until then, price will remain low.
Convert to tradeable shares and able to dispose at market price. Nobody wants to buy the ICULS at no matter what price unless willing to sell below 90%.
Remember holder of ICUL were group of subcon and suppliers and they're forced to convert outstanding invoices to ICUL. Probably some really need money or boss promise to hike the share price in future for them to sell.
