Why would you buy ZIP when you can buy SZL at 30% discount?, page-23

I'm not an M&A lawyer, so this is reading the Merger Agreement as a layperson, however a capitalised term "Permitted Equity Financing" as part of the agreement would seem to make any other equity financing in contravention of the agreement right? Anyway, I don't think it is a complete dealbreaker on its own as ZIP can waive it or just renegotiate a different exchange ratio of SZL for ZIP in the event that SZL needs to raise additional equity.

As you point out, they do have cash reserves at the end of Mar quarter, so they might make it through. Bear in mind that >USD70m is callable from their merchants under their merchant interest program, however this is partially covered by unused line of credit. It will be interesting to see what happens.