On Monday, BlackBerry Ltd had abandoned plans to sell and its CEO had stepped down. This sparked a 16% dive in share price which raised fears that the mobile maker has run out of choices.

Despite the two-month talks with potential buyers and review of available options, Blackberry abandoned sales. As an alternative, BlackBerry issued convertible notes to long-term investors which included Fairfax Financial Holdings of which raised USD1 billion.

Fairfax had formally offered to buy BlackBerry for USD4.7 billion. However, Reuters reported that the Fairfax boss, Prem Watsa, had troubles with funding the deal and had ended up with USD250 million.

The shares of BlackBerry closed at 16% with USD6.50 which gave the company USD3.38 billion in market value. This value is down compared to its rate during BlackBerry's peak at USD80 billion.

BGC Partners analyst Colin Gillis stated, "Now we're back to the downward spiral. They've got $1 billion more cash that buys them time. The drumbeat of negativity is likely to continue."