Well - liquidity is $100M, annual revenues are $800M. They posted a loss this year because of the failed merger, but the market cap sure as hell shouldn't be $4M dollars.
Not to mention they just got a waiver from their Lenders so it appears bankruptcy is not imminent, and we know there is a push for a hostile takeover which historically leads to a premium from current PPS.
I think market cap here should be at least $50-100M