EMA's short term issueis dilution done in dec. Purpose of it was:
The net proceeds of the Offering will be used to support the company’s recently announced growth initiatives and for general corporate purposes, including to reduce indebtedness outstanding under the company’s credit facility and to fund other ordinary course capital expenses.
no specific growth initiative as mentioned + reduce debt+ other capital expenses
Mr Market now feels that with higher rates coming ( to be honest I dont think rates can go up beyond a certain limit) they will repeat dilution, hence the stock took a beating.
That being said business as such is good and I am pretty confident that over a long term EMA will just do fine.
GLTA