I've done the sums.
They burnt cash at ~$322k/day during the last quarter. With ~$36m of
available funds and the current burn rate they'll be out of cash before August 2025.
They'll have to raise at a massive discount or sell the furniture to exist as a going concern before the issue of the next quarterly.
The last week has been distribution at it's finest. Bumped up a little on close, VWAP closer to 2.3c than 2.4c.
So they'll need to raise cash in the next month or so, during peak tax loss selling and at 5 year lows. Capitulation hasn't even hit IMU yet...
I guess one positive is that SO MANY holders now have unmarketable parcels as a result of the catastrophic collapse in SP that they can't even dump them.
(20min delay)