Persistent Operating LossesOngoing negative EBIT and free cash flow erode liquidity and require external financing or asset sales to sustain operations. This structural cash-burn constrains strategic choices, increases dependency on capital markets or lenders, and heightens execution risk for commercialization over the next several months.
Material Arbitration Awards & Fraud ProbeLarge disputed arbitration liabilities combined with an active fraud probe create material contingent obligations and severe governance risk. Possible cash outflows, penalties, or reputational harm could impair partnerships, limit financing access, and materially alter the company’s strategic and financial plans over the medium term.
Merger Completion UncertaintyThe buyer group's challenge and EGM postponement introduce structural uncertainty around the going-private transaction. Delay or renegotiation can affect governance, liquidity planning, and strategic execution, prolonging public-market distractions and leaving the company without the anticipated private capital and operational flexibility.