A month ago I asked why someone just didn’t buy Quickflix and put it out of its misery. It seems someone may be about to do just that. Yesterday the struggling streaming company asked the ASX for a halt in the trading of its shares, “pending the release of an update regarding a potential corporate transaction.”

I wrote that earlier article about a Quickflix announcement that had agreed with major studios to convert over $5 million in debt into equity. Trouble is, that equity will be worth very little – at the close of trading yesterday Quickflix shares were worth just 0.2 cents, giving the company the ridiculously small market capitalisation of just $2.3 million.

At that price almost anyone could buy it, including the average Sydney home owner. Given the tens of millions of dollars it has invested in its delivery platform, and the hundreds of thousands of customers on its books, a couple of million dollars seems a steal.

It’s a shame. Quickflix, founded in Perth in 2003 and floated on the ASX in 2005, was originally based on the Netflix video rental model. As streaming has replaced DVDs it too moved with the times, launching Australia’s first video on demand (VOD) streaming service, but it never gained critical mass.

The recent arrival of Netflix and Stan and Presto spelt the end, despite CEO and co-founder Stephen Langsford bravely welcoming them as legitimising the market.

Quickflix is available on more platforms than other Australian VOD players, including game consoles. In May it announced it had entered into an agreement to resell Presto, though that has not yet been finalised.

"The restructuring of our commitments is a major step towards repositioning Quickflix,” said Langsford. “Studios have been very supportive and are keen to see Quickflix continue to develop and become a strong and growing provider in the high-growth streaming entertainment sector.

When I wrote my piece about someone putting Quickflix out of its misery Langsford dropped me a quick line: “I saw your article – don't suppose that we're in misery in need of putting out. Certainly our share price is terrible and shareholders are wearing a lot of pain. This is a challenging sector but we are fighting and continuing to innovate. Time will tell.”

Indeed it will – in fact it appears it has. We should know all by Monday.