I'm sure the board receive some kind of incentives and take over...

I'm sure the board receive some kind of incentives and take over its purely for growth that is to be created around the Christmas time.
another capital raise cna be underwritten, SPP can be offered instead of public offer. There are much worse asx listed companies out there who are still operating.
look at TYM, check their IPO, raise CR for
ever 1 share held, shareholder can get 2 at a price of $0.01. Sp fell from $0.04 down down down to SPP price. Now it is trading at $0.03.
look at VOL. IPO $2 now it is $0.16. Did a CR back then where the director bought more.
this is just a scheme for the director to get quick cash at the cost of investors. They are too lazy to work and choose to exit.