If you were at 56c and held all the way down, that's on you for...

If you were at 56c and held all the way down, that's on you for holding the bag. I've held a few all the way down too. Two I eventually dumped for 98% losses. One I was about 85% losses, assessed their turn around plan, and decided to average down, bought roughly my initial investment worth again. The leverage of starting so low meant it only had to recover ~20% to make back all of my old losses. Now about 25% up overall.

From my perspective, if looking at a big negative in my portfolio affects my emotions such that I'm changing my investment decisions without using rational logic, sell it and book the loss. If not, ignore it in the bottom drawer, one day I might get back half of what I put in, or they might plan a turnaround that I like and I'll average down, or maybe it will be wrapped up and I can book the loss.

Averaging Down doesn't increase your losses unless the stock keeps falling, if that's the case, stop chasing it down the cliff!