Let's look at the fundamentals: the company's market value is ~ $710K. It has $9M in reported assets, including $388K in cash.
According to its latest cashflow statement, the company is burning $1.1M every three months.
What the market is saying is: we have no confidence that the reported assets can ever be converted into cash at book value.
One of two things happens now: the company will file Chapter 11 and look for a new investor to throw in good money after bad either through a recapitalization or an acquisition; or the company will file Chapter 7 and liquidate its remaining assets.
In either case, Salon will soon cease to have an independent existence.
As I understand it, after the company gets delisted from the NADAQ small caps market, it goes to the pink sheet "penny market" where the lack of liquidity will be very significant.
Salon can go on without being listed but it will not be the same.