The scenario you are suggesting is as if management and current top SH no longer believe in the Company and are planning/executing exit strategies. For the argument's sake, assuming your proposition is true, would it more beneficial for them just to remain idle (no CRD review, abandon the building of the 20 or so nano-sat and its subsequent launch) to save cash and extend the time period that they can execute their exit strategies. Seems to me that what's is happening is actually the opposite.
The only reason why the SP has been stagnant and steady decline is because of the uncertainties of how the complete launch of the constellation will be funded. While I agree that the current cash balance is not enough to fund the first batch of nano-sat while keeping a decent cash for working capital, hence, CR is needed, this company is far from over. I reckon a CR at 5c should be done soon both to current SH and sophisticated investors, if other funding is not available (ie debt instrument issuance).
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