I'm sure everyone is pretty shell-shocked about now and wondering if this whole thing just blew up. What is the market tanking on? The Press Release clarification requested by the OSC, panic selling feeding on itself or does someone suspect they're short on cash and revs?

No "real" response from EFL is not surprizing as most companies hate to comment at times like this. But, if there was no material operational difficulty, you would hope they would do what most companies do and issue a PR saying they have no reason for the significant price movement. If they don't, it could suggest they are nervous.

I find it very difficult to believe this crash is due to over-stated MOU's and LOI's. Most experienced traders/investors would know, by the sake of their naming, they are not solid countable rev purchase orders, at least not at this time. So it shouldn't be a surprize. For CFO Halka to discuss the Banks' DD to investigate them, and be so excited they were impressed with their findings is also odd. Halka is an experienced accountant with previous partner ties to KPMG (I believe). Why would he risk being unprofessional and get caught overstating deals in this case and possibly losing his license. I can't see it being worth it to him. To get all the kids involved to lie and pretend is also quite an operation. Sankar on BNN and Bloomberg talking about the tip of the iceberg. To convince me they were all complicit, and intentionally planned to lie and deceive is difficult to believe. If so, there is one big class-action waiting to be launched.

And if it was the last hurrah, wouldn't you think you'd finally see Sankar starting to sell some of his shares to cash in and salvage something, ... anything. Yet, he has dumped nothing!

As far as underestimating the capital requirements. Again, Halka is a pretty experienced, capable guy by the sounds of it. I cannot see him missing by that much. Something else has to be happening. A Cash crunch could be the problem "IF" Q4 revs don't materialize to much. I would hope Halka would have some foresight and plan for such a situation.

Is this part of the idea to force support from the German Gov? Who knows. To me that sounds like a longshot.