They only have $1.7 million in the account, but I think OIC should release some of the restricted cash early, which shouldn't be a problem(Maybe).
The major issue is that third-quarter revenue was only $10 million, significantly below expectations. According to their previous presentation, revenue was expected to increase by 20% each quarter, meaning third-quarter revenue was projected to be around $16.8 million. Instead, it was just over half of that amount, which is why they withdrew last year's CY2024 revenue guidance of $80 million.
