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Axios reports that 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 be “a going concern.”

“Financing of this size will enable to…

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