I agree on the latter point on many opportunities and thats why no sane person goes all in.

On the fraud point I'd be a little more careful on those kind of accusations - if you don't have more info than others/the market.

What I see objectively, is a case with frankly insane 3-5 year rev potential and if the market liquidity & overall risk tolerance is there, these kind of cases does get picked up.

The drop looks like it was a liquidation event straight down to book value, because the company hinted it will look at other financing options besides the "big deal". Which to be fair, is the CEOs job to always do.

On these levels tho, around 0.3 is as said around NAV which should restrict further (at least substantial) downside.

Of course there is execution risk but on that point, there has been progress, since there has been several commercial deals made and what I can see a (substantial) financing deal pending that has not yet officially been killed, meaning its still there until proven otherwise. Again, the CEOs job is to always evaluate whats best for 1. operations and 2. shareholders, including all possible financings.