Probably because 1MC doesn't own the project. Plus LC & 1MC have a earn in agreement which hasn't been finalised by either party, so it creates uncertainty around the project itself. Who's going to fund the project when know one knows who's going to own it & what they plan on doing with it.
Most would be retail & had the choice between buying more stock or having their holdings sold off. It looks like most decided to crystallise their loss. Unfortunate for them. Those who decided to hold have a chance at getting their money back.
Where's this SYA boom you promised? Markets are forward looking. Are they not? Every knows about the merger & the nominations for BOD. Yet the stock trades sideways. Are they waiting for a full moon or something?
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