RE:Extra dilution
It's not a $5M fee, it's a $5M increase in their credit facility, for which they are paying a 5% fee (in shares) in addition to the interest.
The $20M equity raise, sometime prior to the end of the year, is on the lower side of the range that I had anticipated, so I'm not terribly unhappy with that. I believe the equity raise was already priced in, though, this doesn't mean that the stock wouldn't take another 10% hit when it happens. I'm pleased that they announce the amount of an upcoming raise, so we can stop speculating on that.
The recent PPS drop, IMO, has more to do with Pt dropping $200, since early August, than it does anything company related.