So Close
If I understand the sequence of events properly, the company entered acquisition negotiations and agreed not to solicit other bids during that time. When the acquisition fell apart, the company was out of money and had to stop operations.If that's correct, it seems to me like it's something they should have known in advance -- if they knew they would be out of money by the end of the year, why would they enter acquisition talks that were planned to last until then?Either they didn't know when they would run out of money, which is a pretty important thing to know about a startup company, or they decided to bet the company on the assumption that the acquisition would not fail, which was very irresponsible.An employee named Ben Havilland wrote a comment on the article that's worth reading.