To be fair, M&A is difficult, and is frequently derailed at the last minute. I've been involved in more than one near miss involving much larger, better established, and more successful organizations.
Their biggest failing is getting out over their skis before the material deal terms were solidified. Unless the goal is to pump, it's always better for a pubco to wait to disclose these types of transactions until there is greater clarity/more likelihood of closing.
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