We Co., the parent of office-sharing business WeWork, has more than one foot on its neck.

The New York-based operation co-founded by Adam Neumann has postponed its initial public offering until at least October after cutting its valuation but failing to stoke interest. Governance concerns are seen as a continued risk, but investors may soon focus on a more immediate threat: Dilutive triggers built into We’s capital structure will pose problems when the company again attempts to tap public markets.

The trouble started when We’s value began to fall. Its last fundraising round in the private markets gave it an implied valuation of $47 billion. The company lowered its sights to a desired IPO valuation of around $20 billion and last week that went lower still. The Wall Street Journal reported the startup was looking to issue shares implying a valuation as low as $15 billion.

We desperately needs capital to continue to progress on its current growth path. Earlier this year it signed up for a $6 billion credit facility. As part of the deal, We agreed to make the facility contingent on it raising $3 billion of equity.

The debt deal is an all or nothing proposition: It only comes if We successfully raises $3 billion. In other words, at least $9 billion in funding will or won’t materialize if an IPO happens. That would make it significantly more painful for the loss-making company to walk away from the IPO if sentiment or market conditions are unfavorable.