New power device - very similar to products offered by POWI, Infineon and others. Not much leadership there. Poor new product development leadership.
The CEO's of IR and POWI have been talking about "leaky power" long before Steve Hanson. More old news, lack of leadership and vision.
Third tier TV maker in China designs in a device that has been in the market for 5 years. Significant? I do not think so.
ONNN is not addressing their leadership and product introduction issues. The rumored design engineer departures will not help.
Expect more market share loss as a result. Lack of financial performance to follow.
The only reason a stock with few available shares is moving up or down is because someone is making it move deliberately. Down will be the trend when ONNN does a secondary offering which is inevitable with this debt load.