I think there is still a very real possibility that they end up doing a JV deal with MTSL. The offer that AMBS made was really 2 offers- one to bring MTSL back into compliance with Nasdaq and then the other was to form the JV. Now we know that MTSL went ahead with the funding from Alpha, so they no longer need the $600k AMBS was going to give them for that.

But I think they must still have an interest or the intention of doing the JV. You don't just send out offers to form joint ventures to companies without doing a lot of due diligence and having a lot communication from both parties. So it may be that MTSL decided to go with the Alpha funding because it was a cleaner and more certain way of gaining Nasdaq's compliance, but they still want to go ahead with the JV. Maybe AMBS wasn't originally planning to do the offer for the $600k, just the jv,but that was a last minute deal they threw out to MTSL right before the vote. Remember they needed the $600k which they got at the last minute on Friday. But the original plan they were already proceeding with is just the JV which they likely have been discussing with MTSL for many weeks or months.