IMO the loss of business and the cash burn before they started...

IMO the loss of business and the cash burn before they started to cut costs, left them vulnerable to a cash crisis. In other words they would have needed to do a Capital Raise at a time when the share price was depressed and capital possibly difficult to raise. This is why, again IMO, the share price is where it is at.

The new business they are writing together with the cost cutting has turned that around. If they become cash flow positive next year all will be good. That now looks the most likely scenario and so the share price should appreciate now. The takeover approach was very opportunistic. It does show though there is some interest in what they are doing.

More patience.