Dropping as predicted and insiders/institutions are making money on the drop; i.e, the shares they loaned for shorting. Might drop to $10 in order the make the insiders/institutions whole.
Might want to wait until it hits the PIPE price of $10 before buying. (Or stay away completely, LOL)
Feel bad for those who bought at and near the 52 week high of $18.60
It's a dirty game.
Having said all of that, if you're an investor with the mentality of holding for years and years and years, these prices are a good entry.
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