BLA has been banged hard by "Mr. Market" with what I consider is good reason.
BLA has now re-adjusted the holding values of their portfolio investments which has surprised the market as they thought the values were already correct.
The Fund Managers who invested at $11.50 will be furious at the destruction of wealth they have incurred for their clients.
But worse is to come. I seriously doubt if BLA will be trusted by the market place and particularly Fund Managers for many years to come.
But they will need more funding to grow the business as the $100 million they have just got from the Fund Managers won't last long.
Once you understand this, you will see that if they cannot keep growing then everything comes to a grinding halt as they continually need more cash to keep growing, if they cannot get it the wheel stops turning.
Regrettably many correspondents appear to not understand the above.
BLA Price at posting:
$3.64 Sentiment: Sell Disclosure: Not Held
