Credit Suisse Group AG’s losing streak has brought the stock closer to the price the Swiss bank pitched investors in a critical funding round, raising the risk that underwriting banks are holding shares they don’t need.

The stock fell as much as 5.49% to an all-time low of 2.67 Swiss francs, just 6% above the 2.52 Swiss francs Credit Suisse was offering to existing investors. The bank priced at a 32% discount to the value of its shares following a strategy presentation in October.

Credit Suisse is grappling with its longest-ever equity loss, as dilution from fundraising adds to the burden of years of scandal and mismanagement. The bank warned of a fourth-quarter loss of as much as 1.5 billion Swiss francs and massive outflows from its main wealth management business amid low confidence.

Having many underwriters makes it easier to find buyers and reduces the risk of investment banks holding large shares. The National Bank of Saudi Arabia became the largest shareholder by investing as much as 1.5 billion francs in the lender as part of the lender’s fundraising plan.

Analysts and investors concerned about the complexity of the restructuring have questioned Credit Suisse’s overhaul, which includes layoffs and the divestiture of its investment banking business. Credit Suisse has lost about 2.7 billion Swiss francs in market value in a 13-day rout, down about 66% this year amid ongoing concerns about the stability of its business.

“Substantial funding” and a lack of details of a “very complex” investment bank restructuring are weighing on Credit Suisse shares, JPMorgan analyst Kian Abouhossein wrote in a note Thursday. He also cut his profit forecast for 2023 by 45%, citing large outflows from the bank’s wealth management business.

Discussions about a possible bid by Credit Suisse could heat up if the outflows continue, he said. It could also lead the bank to consider an initial public offering of its Swiss business at a valuation of 14 billion Swiss francs, Abouhossein added.

Credit Suisse said on November 23 that clients withdrew as much as 84 billion Swiss francs ($88.3 billion) from banks in the first few weeks of the quarter. Outflows were particularly pronounced in major wealth management areas, reaching as much as 10% of assets under management. However, the bank said that outflows had “decreased significantly” since then.

According to ICE Data Services, the cost of insuring Credit Suisse’s debt against default fell about 13 basis points to 433 basis points on Thursday. Still, it remains elevated, hovering near all-time highs.

Last month, the bank’s long-term credit rating was downgraded from BBB to BBB-, with a stable outlook. That’s just above the BB “speculative” rating commonly known as junk. The US rating firm echoed analysts who noted “significant execution risks in a deteriorating and volatile economic and market environment.”