Well let's see the Strategic Review findings, which are conducted by a company with massive conflict of interest (insider), so it's basically a throw-away, however, the process is king and we shall follow the process.
Once the findings review is complete the market and shareholders of AMS will need to be really convinced that the proposed recovery plan (I am making an assumption that part of the review will have a list of recommendations with priority/urgency weighting allocated towards completion) will bring the company out of the grips of the administration and back into growth trajectory.
Best case scenario - is that there will be a major executive restructure (it appears that it is underway already, somewhat) and that the perpetrators of the recent events are flushed out and the culture is reset with new BOD supported by the new Company Constitution. It would also be prudent for AMS to own up to the recent events in the open shareholder/market letter with a summary of key points from its Recovery Plan on how they are going to be turning this ship around. Hopefully market is convinced and SP stabilises after initial sell off after the TH is lifted, AMS will then likely to announce a CR and provided the funds are well allocated can start working towards regaining market share, retake the growth path and start cleaning up its reputation.
Worst case scenario - will be if the review document is just a 'tick and flick' the BOD blames COVID + Market downturn for underperformance and do not change anything leading to major exits from the stock by the market participants bringing the SP to new ATLs (with the upcoming CR...) adding even more to dilution and perhaps being taken over by a competitor party (i.e. blackmagic for example) and IP taken over and company liquidated.
These are all just hypotheticals but I think it is important to see that there are multiple ways out of this hole for AMS but there will be a lot of pain ahead before anything gets better.
