I agree with everything you say...except the issue regarding short-term finance.
Never say never to a capital raising...there is always someone interested at the right price.
Given the recent efforts for a change at board level, I wouldn't be at all surprised to see one of the directors or perhaps a larger shareholder "loan" the company any required funds in the form of an interim placement...if it gets to that point.
Then, once the current selling pressure has passed, a much larger placement could be arranged...say at 3c or 4c?
Whatever transpires however, it will inevitably be bad for shareholders...but at least it may not be insolvency.
Assuming they do survive, those who manage to pick the bottom of this sell-off should do O.K.
Cheers!
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