That's as good as any theory I can envision. And yes, I'm scratching my head because anyone can see what the cash burn and negative cash flow are... this is aside from delisting per se ... a company can be delisted and then go on to be successful... but here, with such a glaring lack of cash.. I just don't get it... but it simply cannot be long before kaput time.
PS- Normally, an investment bank running an offering and knowing the offer price, would short the then prevailing higher market price so they can lock in a profit. But those days are over... all IMO :-)
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