My opinion is also that a second strike against management would...

My opinion is also that a second strike against management would see the stock rally. IT would show that shareholders are taking an active ownership in the company and believe that it can be taken further with the right management strategy,

It would force Karl to do what he said he could have done years ago, that is turn off expenses and start printing money,

Imagine a world where they have OPEX at $13m and CF at $15m a quarter... They might be able to buy another CYCL with FCF and start to expand offering to existing clients...

Either way if they stay listed they will re-rate immediately - share price today is showing you what happens when the market believes the deal is not going through.

I think the most likely scenario now is also a low ball offer for the business and Karl is much more likely to take it now... bad for shareholders vs what we could have received but better than being delisted ...

Dont get me wrong the path forward is still choppy but with cash runway manageable, i would think the pre-annouancemtn price is really a floor, or at least the current share price is