Ann: Alexium Commercial Update, page-105

Some fair points, thanks. The difference with the auditors statement this time is that they are questioning a carrying value that is significantly higher than their remaining equity.

Being EBITDA positive is what they need, though I’d refine it to EBTDA without the I, given their low equity.
Until then I’m high skeptic they can try the debt refinanced. A cap raise before then would see significant loss of value for current shareholders too imo, likely being at a significant discount to current valuations as is common for specs.