I'm not up to speed on their technology yet, but I know panic selling when I see it, and there is nothing in particular here that smacks of fraud, I read through the 20F and the restatements are not significant. I imagine the daytraders selling this down probably havent' even bothered to crack open the 20F, there's no smoking gun.
IF you ever want to discuss offline, I could pinpoint for you the exact lines in the press release that created the confusion. The press release was neither transparent, direct, or even particularly easy to understand. Some of that probably due to language/translation issues, but some of it perhaps an attempt to be clever in presenting a less clear outlook. One thing you never do, is go from providing guidance to providing absolutely no guidance, it's akin to pulling the rug out from under investors. Better would have been to give some ranges under a couple scenarios... e.g. with one ULIN system we might earn in the range of X, with two systems a range of Y, etc. some kind of guidance -- where the heck were the spac finance guys, they should have known much better than this.
Is this a clumsy, poorly executed merger in an illiquid stock, with no following? Yes. Is this a fraud, no. There have been plenty of these kinds of disasters over the past few months, they drop like a rock in a cloud of confusion and then rebound like a rocket when the dust settles and investors realize their extreme cynicism was misplaced. I have had 3 stocks thus far this year that I've made 300%+ in short order due to ridiculous over-reactions: LXU, TK and SXC. I picked up a few shares of ABIL and fully expect to more than double my money before yearend.
They need to get out on a roadshow and meet with investors, do some of the microcap conferences and tell their story. Don't think I've seen quite such a stumble out the front door before, which leads me to believe its probably way overdone.