The decision follows the company’s earlier announcement on May 6 of a non-binding letter of intent regarding short- and long-term financing to support continued operations. According to Stayble, subsequent work revealed information that made short-term financing unattainable. In addition, the Board cited structural and regulatory challenges in the proposed transaction that could not be resolved within a reasonable timeframe.

Given the company’s strained liquidity position, the Board concluded that available financing is insufficient to meet outstanding obligations or sustain operations.