How does this get resolved 'countless other ways'?
The company was a trainwreck - three directors had resigned in the last 9 months, and the CEO left last month. One of those directors came in December and resigned within 5 weeks in late January, which is a pretty good indication that this business was sailing close to calling in the administrators.
With the CEO gone and a skeleton board, and the company burning cash, who was going to give them more money? Close to impossible to raise equity with no board or management team to invest behind and when previous equity raises were miles underwater, and banks generally don't lend to businesses with negative cash flow and minimal tangible assets.
It's obviously a low-ball bid from mCloud but BIQ was negotiating from an awful position where its choices were likely take the deal, or call in the administrators.
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