The key party whose covenant was breached was OP Fiduciary. Their receivers will take $25M and this ensure the debt matures well before July 2023. They considered giving some grace, but covenants were breached and with Meydan not willing to ensure that Openpay continues trading they will need another investor or they might offer the business to a bigger entity (a takeover is our best chance).
If I was Dion, I'd approach GCI or Fortress for a deal, maybe even sacrifice some ownership of the company to keep the dream alive. The worst case is delisting and sunk costs. It's do or die from here. Maybe Square, Zip or Sezzle might take us over. For Sezzle, it would be an opportunity to diversify and expansion to the US would be very easy.
The damage caused by ceasing trading will be irreparable unless a decision is made fast. I suspect debt holders will get over 90 cents in the dollar, whilst shareholders will be left with nothing.
Meydan made it very clear that he's no longer funding this company and someone else will need to support this dream if it ever eventuates. Receivers will milk any cash left and pay themselves and employees to realise any assets that exist. With no trading revenue from 4 Feb 2023, it's a matter of time until this delists.
