I assume this is being done with the agreement of Alex Waislitz...

I assume this is being done with the agreement of Alex Waislitz / Thorney Group who have from memory holdings equivalent to 46% of the capital. Total lack of liquidity and the free float almost non-existent. So delisting then being able to see how the trial results play out over the next 1-2 years. This might then provide a technology and business that is saleable to a specialist in the industry.
Also, it will save about $500,000 to $700,000 in costs relating to the ASX listing until the trial results are received.
I expect some will try to sell out now.
I assume the existing company structure will remain, that is an Australian unlisted company. This would be the best outcome because if there is eventually a sale, the company is able to return capital / pay a dividend and then be liquidated.
@Dubbo66 I would be interested in your take on this and whether you will retain your holding? Any other views on all this?