in my view partly due to longs selling, perhaps in order to participate in a discounted pipe.
the ceo of course let on that the company was likely to need more money, which suggests yet more dilution. so of course investors are acting rationally by selling in the short run.
also tends to suggest the ceo expects the July 1 date to be soft.
in general, i suspect the market sees this ceo as having the kind of long run ambition which means short run rewards are likely to be deferred for a very long time. stock not ready for prime time syndrome. insufficient traction to justify investment.
for myself, i'm still prepared to try to translate the writing on the wall. but there's no support for doing so in the marketplace. and having a ceo whom the market appears not to trust doesn't help much.
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