At the time ARM came up with Mali I thought it was a terrible idea. That it would take too long to make a decent GPU and that it would probably irk ImgTec and lead them to support alternative architectures. Back then Intel produced some CPUs with integrated PowerVR cores for example. Boy was I wrong! They basically killed ImgTec. They sole remaining major licensor was Apple and now... Well I don't know what they'll do.
The company has been in dire straits before though. I still remember when they got pushed out of the PC market. So who knows maybe they can survive this but I wouldn't bet on it.