Who is selling

This is speculation mixed in with some research. I have not been able to find an operational reason for the severe price drop in May and the CEO has continued to restate previous guidance, so I have been doing some digging to the possible cause and I think the seller(s) is UBS and Credit Suisse, both had(have) holdings in MYX.

The backstory is that these two banks decided to merge in May 2023 and have recently announced that the merger was completed on the 31/5/2024. Between end of Feb and 18/3/2024 there were a number of announcements from UBS regarding holding in MYX the last one suggesting they were below the 5% automatic reporting level which is around 4.2 million shares( previous announcement they had 4.7 million shares). I think that in merging, they have decided to exit MYX by the merge date of 31/05/2024.

My calculations are average shares traded in MYX in the stable period from 7/3/24 to 13/5/24 was 219000 shares /day, average trade from 14/5/24 to 31/5/24 was 505000 shares/ day, so total additional selling from the 14th to 31st/5 was 4.0 million shares which is approximately the joint holding I estimate UBS & Credit Suisse had.
I am also speculating that the selling is over and that there may be a climb back up to $7 before August FY result.