Hey there,
We've actually had plenty of discussion on CMC over on Discord. Are you aware why it dropped? Technology aside, there has been a few things that have investors skittish. It had to delay and restated previous financial statements (never a good thing) and it also saw two recently appointed Board members leave the company. One Board member was appointed for less than two weeks before she made her exit. That is also not exactly a good thing. While there can be a myriad of reasons for this, there seems to be alot of uncertainty and lack of trust in management right now. Post their departures, they made some changes at the top but it all remains a little 'red flaggish'.
Finally, they also delayed commercialization of their product. It is a trend that has plagued them for years and this time investors weren't happy. It is not that their technology isn't very interesting or won't ultimately be successful, but this is the life of a small cap company with a new technology that has yet to generate revenue. It is pre-commercialization and that makes it more inherently risk than other small caps as it had no proven business model.
When it was trading at $1.60 it was ridiculous in terms of valuation - trading at north of $600M for no revenue - that is a stretch. Even today - $242M for no revenue is a tough pill to swallow and would required the company to move to commercialization soon to justify.
This one is also featured on BNN regularly by some of their guests and you can see the company's share price jump every time they come on to speak positively about it. Personally, I am not a fan of this type of price action because it is purely momentum and FOMO as opposed to fundamentally driven. Once again, not that the company doesn't have a bright future, but still has plenty to prove.
Mat