the viable options would have been explored and executed long...

the viable options would have been explored and executed long time back when a good/clean management would foresee the liquidity is not enough a year ago. they would found buyer on good term,or take loan to fund the operation for extra year. not to wait till last moment and announce: "BTW shareholders we ran out of cash, and we have a buyer and it is the only buyer and you have to accept it!"
it is a recipe to get rid of the share holders, take the company private when it is time to start money generation.