Price action on SRNEQ is even worse today. Why the deal is viewed as bad? Clues?

Current MC is 168M. They will get 200m in cash next week plus exit financing money (1B or 500m, your guess now). I would say it’s probably safe to assume they have half billion in hand before 9/19. Also let’s assume the walk-away option for settlement, and then they pay all dip off, still have 400m cash which is more than doubled current MC. And as a result we are 12% down??