Not pretty The company has basically run out of cash i would guess? The backstopper, after the deal is completed will have 17.8 per cent of the outstanding common shares instead of 22.9 per cent of the outstanding common shares. Then he has to purchase 22.9 percent of the rights offering.
So huge dilution here. Plus Q4 and Q1 next year will probably be more big losses and the exercise may start again. Seems they could not get the prices they wanted for their assets.