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"valuing High Arctic's 42% stake at $38.2M" - Are you talking about team snubbing ?
HWO's team snubbing is only $8 mil for the 42% ownership.
Nice write-up, enjoyed reading it.
Check out Part 2 for an update on High Arctic:
https://open.substack.com/pub/breeleycapital/p/high-arctic-energy-services-2-a-catalyst?utm_source=direct&r=1rwn9i&utm_campaign=post&utm_medium=web
Great write up. We enjoyed part two as well.