If you bought in the $9 range, you were paying around a $500M valuation for the company when expected sales are to be $6.19M in 2022 followed by $11.54M in 2023. This is around 81 times 2022 sales and 43 times 2023 sales.
These are valuations at which absolutely everything has to go right in order to justify. And as we can tell by the price action, it's pretty clear lots went wrong.
THere's a significant amount of pressure on stocks like this. Especially ones that people can dump to salvage some capital losses to balance gains.
The company also just offered shares at a significant discount to market value.
To answer your question as to whether or not the stock could go lower, the answer is undoubtedly yes. The investment is highly speculative, and it might be a tough environment for options like this moving forward.
As to whether or not you should sell it and move on? That's a really tough question, one I can't answer. This is a company that is, by estimations, a couple years away from generating even a meaningful amount of revenue. Profitability is likely very far away.