Yep, but with a bit more liquidity! I can see why recent investors took a punt - I guess any investors that bought at 10p on the chance they would eventually secure funding and release the JP Morgan funds saw it as having the potential of a 40-50% recovery if they didn’t secure the funding. Making it similar to an EIS total loss investment but without the time lag of claiming loss recovery from HMRC.
And probably a higher chance of success to be a multi bagger. Even if you thought they had a 10% chance of securing the funding that is probably better odds than a crowdfunded startup, especially with the potential JP Morgan funds on offer and over a similar timescale (and dilution prospects).
Maybe they should have opted for an ICO instead of bonds - they would have probably been oversubscribed!