I took a quick look at the half yearly. It's too close to call...

I took a quick look at the half yearly. It's too close to call whether they will need additional capital soon. Free cash flow is negative which means current cash debt coverage is also going to be negative. They have $1.2b in cash and cash equivalents thanks to the convertible notes, but they also have $1.3b in current liabilities. A chunk of the current liabilities will be removed by other current assets (receivables etc.) depending on the phasing of these payments.

The company needs to close this year out strongly and then keep it going into the first half of FY23, however I'm not sure what the seasonality of their revenue is. I can see in March they said their business division is making money, they really need to get their leisure segment firing also which was apparently close to break-even at the time.

It's a bit too risky for me at the moment, the cat in the box is both dead and alive and we'll probably find out which it is when the full year financials are released. It's at inflection points like these where the most money tends to be made. Best of luck to you, I hope the shorters get crushed.