This institutional manipulation talk is bunk, page-8

I just think the magical FR goop that was going to sweep all and sundry with military orders in no time and a wave of transition under the new FR legislation has proven to be a harder sell than originally expected. We know we are doing well, just not as well as the euphoria a year ago would have indicated. If we didnt have Alexicool it would look more dire but we do.

The problem is that in the last year a bunch of other interesting tech plays have turned up that have caught people's eyes (wastewater membranes, blockchain & AI logistics, neuromorphic computing, cryptocurrency). FR just looks a bit boring now the road has been harder to hoe. Plus we have lithium, cobalt, vanadium and whatever else goes in a battery. If you were here as a tech play, perhaps you'd question the path to nirvana.

Nothing wrong per se with Alexium. Just a more realistic path to the business. Its more like a chemical company than a tech one, and they have a different dynamic. So, is this a Tech stock, or a Chemicals stock? Many of us were valuing it as a tech stock and perhaps the reality of being in the Chemicals industry, with its slower adoption rate, is now hitting home.