Why Is CorMedix Stock Dropping On Tuesday?

CorMedix Inc (NASDAQ:CRMD) stock is plunging after updating its resubmission timeline for the DefenCath marketing application.
CorMedix has encountered delays at its third-party contract manufacturer.
The Company was informed by the CMO that there are issues that are unrelated to DefenCath manufacturing activities.
The timeline for CorMedix and the CMO to address deficiencies at the facility required for resubmission of the DefenCath application is uncertain at this time.
Earlier, the Company expected to resubmit the DefenCath application in Q4 of 2021.
Price Action: CRMD shares are down 22.8% at $4.97 during the market session on the last check Tuesday.