I completely disagree. They did it when the stock had sunk to a multi month low and investor sentiment was low. Most companies do it after a big spike up. Not down.
They could not have picked a worse time.
And btw....at the very least the company could have had an investor Letter to the Shareholders lined up today to explain things. I have written a few of those for various companies and they go a long way towards encouraging investors. Give investors a plan and a reason to look forward.
Instead? This company released a PR about a horse.
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