The destruction has already occurred. This is just the trigger, culminating in all the bad decisions on the restructuring of this company, and will finally help the market understand the real value of the underlying financials.
I think the only bright spot out of all of this, is that once the dust settles, it's unlikely that they will continue acting like a 'penny stock.' Probably no more toxic financing, since the Series X holders will be able to be diluted alongside the common shareholders.
Time will tell, but there's likely going to be a precipitous drop in prices from here.
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