Bad news came in threes for BlackBerry on Monday, when the company abandoned its efforts to find a buyer, announced that its CEO would be stepping down and took a beating in the markets.
BlackBerry’s shares plummeted 16% after a two-month flirtation with potential buyers ended in heartbreak. Only one private-equity firm made a formal offer, but Reuters reports that the firm struggled to shore up financial backing for the bid.
BlackBerry will instead issue $1 billion in convertible bonds to a consortium of investors. As for the surprise departure of the CEO, the company remained mum on the details, leaving shareholders to draw their own conclusions about when, exactly, the stock would bottom out. Six double-digit drops in the past year, and investors still seem to think the company has a ways to go.