Right now it boils down to the Rights issue and whether anyone will take some up. This is their most immediate opportunity to bring more money through the door, but with 0.004 gone and now selling in 0.003, who would take up the Rights Issue at 0.004?
Where does that leave them? Hardly any wiggle room. Only way is to fire sale some portion of IDSB at big discount to the person who was trying to buy the stake previously. There is absolutely no way they can get a sale and $$$ from IDSB to anyone else in less than 3 months with all the regulatory hurdles involved.
Court case is to be heard early June, but even if successful (and there is no appeal submitted), doesn't mean they will get any money and if they do, it doesn't mean they would get it before they need to submit next quarterly. Accountants are going to need to see funds in the bank to sign off.
It will truly be pulling a rabbit out of the hat at the moment. Time is ticking and with their cash burn, they have almost no time left. I have a big bucket of popcorn and will keep watching. I definitely feel there is a Netflix movie in this.
OVT Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
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