I suspect the market viewed today pretty much the same as you have. Punishment resulted in a 23% drop in the SP.
Anyone even slightly gifted with maths would conclude that there will be a CR at some stage in the next few months - even if MM said otherwise. She would not like to admit it at the webinar, and I also think they thought the SP would go up today.
The same thing happened at the last CR with a commitment not to run one just six weeks before it was.
yes, poor financial management to run funds down to such low levels and rely purely on an R&D payment. Silly stuff.
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