i was long, but now i realize NITE was never worth more than $4 even before the 440m loss, just listen to last earnings report, what a joke! The little profit they did make was from illegally front running of its clients under the guise of market making, lmao!
Selling shares to cover gap in losses. Thats why it went over $4. Company was dumping its own stock to cover losses. Its still broke & anybody who buys it is getting nothing. KKR and others are wize to let it collapse & buy the remains....they probably will.
Exactly what I'm wondering... so they sell off assets and raise cash. They were already losing money! How do they expect to make money if they're going to have to sell off their best pieces on the cheap?