It's very likely the uncertainty aspect that the market dislikes. There has been a lot of dilution since the LOI that has kept many investors away. There is a general mantra of dilution = bad, but it's not always bad. They are setting up a clean slate, a tabula rasa on the debt.
I've been doing a lot of research on the new CEO that most investors will not do, and this guy is the real deal. He made a power move in this deal, brought some of his friends in on the deal, and the company is not the same as it was 2 months ago. If you want more details, you'll need to do the research yourself, I'm not giving them away. Hint: Call the company, talk with people.
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