They have to commit to buying shares at a substantial premium or...

They have to commit to buying shares at a substantial premium or the deal falls over. Which seems a pretty big ask at the moment.

We're already pretty much at cash backing, but the current cash burn is high for a company that has achieved nothing thus far.

If they do jump on board, price will spike. If not, this could get smashed down another 4c or so.

All IMO.

Disclosure: I have a small long position; held very speculatively.