SoundCloud CEO says that continuing to operate is a ‘concern’ without more money.

SoundCloud has sent a memo to its current shareholders on Tuesday, indicating that a pending reorganization proposal is “do or die” for the music streaming platform.

According to Axios, the memo requires shareholders to accept or reject a reorganization proposal by the end of Friday. If the proposal is accepted, then a new cash infusion ($169.5 million at a $150 million valuation prior to the investment) from boutique merchant bank The Raine Group and Singapore’s state investment firm Temasek will close tomorrow. Axios says CEO Alexander Ljung infers in the memo that if the proposal is rejected, SoundCloud’s ability to continue would be “a going concern.”

“Financing of this size will enable to company to pay off its remaining debt,” the memo states, “while ensuring a strong, independent future… In the event that the transaction does not close and in the [e]vent SoundCloud does not otherwise obtain additional funding, based on current cash flow forecasts, SoundCloud faces liquidity concerns in the near term.”

SoundCloud’s future has seemed dubious in recent months, with acquisition talks from both Spotify and Twitter falling apart, platform issues causing core users to go away, and an unexpected cut of 40 percent of its workforce in July. On all that, should this new speculation close tomorrow, SoundCloud’s pre-crash valuation will have diminished an astounding 77 percent, from $640 million of every 2014 to $150 million. To date, SoundCloud has raised a sum of $320 million

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