Unfortunately it looks that way.
With apparently 1 month to PFS and the Saudi's, raising at 1.1c is confusing - but they legitimately would be running out of money about now if you see their cashflow. I would have thought they could find another way.
$2m is barely 2 quarters of funding, potentially they do have something in the works - but again, you'd have thought there was a better way, but wait and see.
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