Value Erosion
The stock was trading at $1.40 or so and trending higher in anticipation of a favorable re-org plan. Then the company issued a news release highlighting the risks of the PNG business with particular emphasis that HWO might not win any new business in PNG.
This news contrasted with HWO's long standing position that they had a significant competitive advantage in the remote mountainous jungle of PNG where the drilling would take place.
It is little wonder the stock declined 25% in short order and continues to be under pressure. It does appear that the company under the current management and Board has lost their way.
Perhaps it is time for a change in leadership? Lets see what happens.