Because they owe $9M on 31st August. If the CPs are not satisfied, they will not have access to the $7M.
Knowing GMC, they are reliably late, so they will need to find a way to pay the $9M cash = CR.
If you read the 3B, you will see the debt facilities (convertible notes). Below are the CPs from the announcement referred to in the 3B.
Tick tock - 19 business days to go
I feel it Coming, page-105
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