Short CWTR@4.55

Current Mkt Cap of $420. Weak balance sheet with rBvE of $240. Should be discounted for illiquidity of cash assets and inventory ($72 and $166, respectively + total assets of 580M). No annual sales growth for past 4 years. No actual Income. What is the premium for then? Could be the 250M of accumulated depreciation--fair value of PPE actually greater than BV?