Couldn't have said it better myself.
I do not own shares anymore (thankfully). The management belongs behind bars. They have only destroyed value and refused the one chance for investors to actually exit at an ok price. The situation sucks for PEEK. I feel bad for them.
For the record, I do own shares here. I started a position in the high $0.70s and low $0.80s based on the net value of company cash with a catalyst provided by the tender offer.
I was surprised to see how much value was destroyed in Q3 but I still think it is more than likely that this thing gets sold. Investors are protected from downside in the meantime by the aforementioned cash.
I owned the company at one point and sold at around $1 after the tender came out. I then bought back in for some merger arb, which didn't pan out but thankfully didn't lose much due to the cash cushion.
It is hard to believe that management can still reject a $1 offer on the table. Frankly, I don't understand how this company is even worth $1 anymore.