Because they were as unaware of Hindenburg's short position as we were. Which actually is a fair criticism of the leadership's stewardship of our funds.
They should have been on guard for predatory activity and at least beat the shorts to the punch by taking measures to consolidate that cash into company coffers, and not left it vulnerable as equity.
EG What would have happened if they had countered the short selling with a massive forward split and multiplied short positions to the point of being unsustainable?
But really, how many other companies have fallen to short tactics in similar manner; having given their IPOs thinking that the only factor influencing the stock price would be their ability to attract the interest of long investors, without being aware that their investor funds can be literally sucked out of the company by those who are determined not just to profit off their failure, but actively taking steps to MAKE THEM fail.
Either you know your IPO is, in reality, a chum bucket with shark attractant and have taken steps to mitigate their presence, or you get eaten whole... or you end up like PRED having somehow barely survived the learning curve.
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