1) They missed earnings (loss per share greater than expected)
2) They missed Q3 revenue target
3) They lowered Q4 estimates significantly
The good news was increased margins and a line of credit that will give them more runway before they run out of money, but the "big 3" indicators were all bad. It probably would have dropped further but it's already so hammered it has to be close to the bottom.
They are losing $9M per quarter. They have $53 net cash in the bank. They will have to raise more cash from somewhere in the next 12-18 months to keep operating. They will start losing business to P1 due to their weak balance sheet and thus uncertain long term future.