Savvy Trades and Investments

[novicetrader]

SMTC-Dropped 40% in 3 days,from $66 to $40(in A/H today). Blackrock owns 12.96million shares(as per 13F filing 2/7/25),more than 15% of company shares.
Public offering early Dec 2024 of 10,496,032 shares at offering price of $63.00 per share. With institutional investors recently in at higher prices, this drop looks weird.
Could this 8K filed late fri 2/7(linked below) be the sole reason for this huge fall? I must be missing something??
https://www.sec.gov/ix?doc=/Archives/edgar/data/88941/000008894125000025/smtc-20250207.htm