I had a second look at the balance sheet, 400m of debt is...

I had a second look at the balance sheet, 400m of debt is concerning. From this announcement are we looking at 7m of EBITDA in the second half, a large loss and marginal cashflows.
Probably they would announce an impairment and capital raising at the same time.
Shorters are speculators as market sentiment is a fickle thing. Presently the market price is suggesting bankruptcy or very low earnings for the company.
What happens next is unknowable, they could pull a rabbit out of the hat.
Most likely shorters will do ok but getting against a company that is so cheap and might survive is not smart. Especially when there are so many much sicker companies in the sector horrendously overvalued where bankruptcy is a site thing.
They may do ok but not realise the risks they are taking.