Since I3e has bouht the TEI DEBTs TEI did not pay interest I3e has suspended interest paiement on the TEI debts until a vote on the offer.
I think TEI was cash flow positive in Q1 and in Q2 . It is possible TEI has 1$M or 2$M in cash at June 30, 2020.
If it is the case TEI shareholders may received cash + I3e shares. An equivalent offer to 0.07$ per TEI share or 0.3 share of I3e share per TEI share is acceptable for me.