With respect, they dont have to pay all their debt, only...

With respect, they dont have to pay all their debt, only maintain the interest payments.
They can raise and produce income to cover the payments.
They could then run on their income or raise again and clear debt. My preference would be the second.
Its a spec company so no one is expecting it to be cash flow positive. All similar companies are insolvent as such waiting for their next raise to keep them running.
The only difference here from most other ASX startups is they didnt manage their raise in a timely manner or in the correct jurisdiction.
If they can raise a sufficient amount to fund the next 6 months I don't see a problem with solvency.

I never liked the US raise idea but I had budgeted to buy shares on the asx when it landed so as not to get diluted.
That money is still there ready to go and I feel much more comfortable about it now that we have ditched the the us raise. I'm sure other people are also thinking that way.
The regret is the 4M wasted money, smashing of the share price and the subsequent delay in production. A complete disaster but I'm not writing the company off yet.