Overview
- Shares fell about 25% after Monday's lock-up expiration released roughly 32.5 million previously restricted shares.
- The company posted its first quarterly update in an SEC 8-K and held a morning call to review results covering January 10, 2025 through December 31, 2025.
- Investors are contending with the loss of a $150 million anchor tenant and active securities fraud litigation that continues to hang over the stock.
- Management is still building Project Matador with a $165 million loan for six Siemens SGT-800-57 gas turbines due in 2028, a TCEQ air permit for 6GW, and nuclear FEED work with Hyundai.
- Shares sit near the 52-week low after an 81% one-year slide, with $20–$35 analyst targets clashing with valuation warnings and higher Treasury yields pressuring real estate and utility names.