Maybe. Or maybe the debt is in part because they still owe money for the acquisition, and it will be paid in a few months AFTER they refile the S-1, which will happen AFTER they complete the audited financials.
It's pretty normal to have debt from acquisitions, and pretty normal to finance growth with debt provided that the revenue exceeds costs of same. The benefit of the public structure is that they can offload that to an accredited investor via a public offering once they've covered all the financial reporting requirements.
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