All day-to-day activities are still ongoing, at least in theory.
The company is still in operation, and the plant may still be in operation after the auction. But, after the auction, all assets: the patents, the machinery, the sales orders & contracts, office furniture, even the toilet paper will belong to somebody else.
The company defaulted on the loan from Horizon, and they are exercising their rights by holding the auction. Due to the default, they actually control the company's assets. If they go through with the auction, whoever buys the assets will decide if the plant keeps producing or they lock the doors.
But at that point it won't matter as far as the shareholders are concerned, because they no longer have anything but the remaining liabilities.
And since the shareholders voted in the board, there is very little recourse.
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