Aterian's second quarter was less a quarter than a corporate dissolve. Between April and July the company sold its six marquee consumer brands to Trademark Global for $18 million in cash, sold a 95.8% voting block to activist David Lazar for $7 million in preferred stock, paid off its senior lender Midcap in full, replaced its CEO and CFO, and declared a contingent value rights dividend to legacy shareholders. Continuing-operations revenue, already a rounding error, fell to $7,000 for the quarter, and management explicitly told investors the company has substantial doubt about its ability to continue as a going concern. The market priced that message: shares closed at $1.30 on July 17, the day the Aterian Transactions closed, and traded at $0.50 by August 14, down 62% in four weeks and 73% off the April 28 high of $1.87 and within roughly 40% of the July 27 low of $0.354. The load-bearing question for the next six months is no longer about Aterian's operating model - it is about what the CVR actually distributes and whether Lazar's small-remaining-brands strategy can clear its own going-concern bar.