But not for much.. post the consolidation (which ended up being 200:1) the share price had continued to fall.
When I looked at it on Monday the market cap was under US$4 million. And they'd received another notice from Nasdaq because seeming the consolidation reduced their shares on issue to below Nasdaqs minimum.
Everything has value, even if that value is not high. Tritium would still have valuable IP and a customer list and presumably binding contracts to continue supplying parts and spares to a number of network operators, i.e. generate ongoing revenue.
The tricky bit will be reining in the costs of running the company. If Tritium never had a near-term pathway to becoming profitable then it may be challenging for the administrators to identify ongoing costs that can be trimmed or removed without completely neutering what the company does.
FWIW - I don’t think a company should ever need to enter administration. Because all that means is the administrators will make decisions on what happens next - not management - in order to either save the company or liquidate it.
So if for example administrators can work out how to save the company, what was stopping management making those same decisions to do exactly the same thing, save the company, and never needing the administrators in the first place?