Bloomberg is reporting that the latest falls in HTC's share price mean that it is worth less than its cash value. That means you could buy the company and then walk away with more than you paid for it - in theory anyway.
In practice it means that the company's non-cash assets, the factories, patents, good-will attached to the name, are valued at nothing by the stock market. In the eyes of investors HTC is deep into its death spiral.
Several years ago, when HTC switched from being the prime Windows Mobile manufacturer to Android, I mused that we would find out who was the weaker partner in that relationship. After a reasonable start on Android - helped by being the launch partner and also the manufacturer of the first Nexus - HTC has seen its market collapse. A poor strategy, just when it was at its most successful has seen its sales and market share evaporate.
The company is working towards a turnaround which removes its focus from smartphones, but it still faces a mountain of work to attain viability. It will require an awful lot of Re camera sales to push that share price back above the 'this company is worthless' threshold.