This is a flashing neon sign to me as an investor. 11% => 17% => ??? What did they miss in the first round such that the 2nd round needed to cut even deeper?

This is a flashing neon sign to me as an investor. 11% => 17% => ??? What did they miss in the first round such that the 2nd round needed to cut even deeper? If they had done all these cuts up front, the effective rate would have been ~27%.