What happens when a small Apple supplier loses its contract

Until Monday morning, Imagination Technologies was a successful processor technology company going through a bit of a rough patch. The company designed some of the underlying architecture of chips that Apple uses in its iPhone range, and as a result, it earns royalty money from every iPhone sold.
It’s a solid business model, so despite a downturn in iPhone 6s sales causing a cash shortage, Imagination was doing well. Emphasis on the “was.”
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