The fate of struggling giant Toshiba remains up in the air and, as industry watchers have observed, a key determinant to the electronics conglomerate's survival is whether it will be able to remain listed on the Tokyo Stock Exchange.

The current reconstruction plan for Toshiba, which shoulders a massive financial burden tied to its U.S. nuclear unit Westinghouse Electric, is based on a premise that it can keep itself listed.

But Toshiba faces three risks that could overturn this premise: