I guess they simply ran out of options. I am sure management did...

I guess they simply ran out of options. I am sure management did not put anything on autopilot and did work very hard until the very end. But I suspect there were no feasible options left at this point. Raising money would have been very difficult (particularly without a story). I am not sure the TO would have been a preferred option, but it appears to have been the only option in the end.