We should not forget thet Pinetree manged to comply this issue in December (assuming this was based on the last NAV of 0,46 CAD of November); Yes, his holdings suffered further since then, but not that dramatical. Pinetree is far away from being bancrupt, but for sure he is not compiant.
My thoughts: Activationg and selling parts or all of PTK warrants would make Pinetree compiant even at the SP of today.

If this would be in connection with participation of a potential partner of Poet, they could agree on a transfer price in between the SP of now and some days after NR of this deal. He would miss a lot of the future SP developement, but on the other side he is still in with all 12 M shares, and in addition with the private holdings of SI.
Well, soon we will see. Interesting week!