Axios reports it has obtained a memo that was sent to SoundCloud’s 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 “not 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 cashflow forecasts, SoundCloud faces liquidity concerns in the near term."

Should the investment deal, referred to as Project Sonic, close tomorrow, The Raine Group, Temasek, and all other existing investors would receive Series F stock, a special class of common stock that has seniority and preference, while existing Series E investors would have their liquidity preference cut by over 40 percent.

SoundCloud’s future has appeared uncertain in recent months, with acquisition talks from both Spotify and Twitter falling apart, platform issues causing core users to flee, and a surprise cut of 40 percent of its workforce in July. Atop all that, should this new investment close tomorrow, SoundCloud’s pre-money valuation will have decreased a whopping 77 percent, from $640 million in 2014 to $150 million. To date, SoundCloud has raised a total of $320 million.

According to Billboard, SoundCloud is banking on The Raine Group’s extensive expertise in media to help achieve profitability, as it has previously taken stakes in Vice Media, Imagine Entertainment, and video news outlet Cheddar.