Yes but its shares have $1 in cash right now - i.e SP 50%...

Yes but its shares have $1 in cash right now - i.e SP 50% undervalued to cash backing

I know they are burning but clearly the major shareholders have them by the tender parts. With almost no research hopefully the cash burn settles until they do a deal.

Anyone brave enough for an arbitrage trade?

I don;t think the company will get away with existing after the sale process. Someone will buy the shell and the cash.