Growth by acquisition Works well when your share price is inflated and you can purchase companies at a cheaper multiple than your own. As the share price continues to decline, it would make more sense to grow organically.
Their debt to ebitda ratio is very high and adding on more debt in this current environment would be suicide.
Raising capital or debt should be out of the question. They should use their existing cash balance for sales and marketing given that it has a lower customer acquisition cost. Take it slow and things may just turn around.
Francis Shen was right in his concern.