RE:big oil missed this ...Don't take this pullback in price as fundamental weakness.
The recent financing included the proposed listing of the Warrants, with a 3 year term and an exercise price of $14.00 (with a forced exercise if the market stays above $20 for 20 consecutive days.
If the stock hits $50 then the value of one Full Warrant would be $36.00 (or each 1/2 warrant = $18).
In fact you can calculate what these Warrants are worth today if they start trading tomorrow...and they may well be listed and trading by the end of the month.
Anyone that got some of the PP may well have sold some existing positions in return for getting that share back PLUS the 'free' Warrant.
According to my calculations the stock price is going to find a floor Bid at the 'discount to the $9.50 PP price - when factored for the time value of the Warrants'.