Reason for sell-offFrom my experience this has all the symptoms of one or multiple institution(s) selling a block. When they decide to get out they don't care about the price, the only instruction to the trader is get me out of this stock.
For the fact of that the company not buying the stock anymore there is for me two reason;
1- The company want's to conserve cash and
2-- Most of all if they are doing a financing then they are is possesion of information not public so unless they have a pre-arrenged agreement with the broker doing the buyback they are in a blacout period.