Smart ZENA was actually very smart with their pricing of the rights offering , making it so artificially low that even with massive selling it would only lead to massive buying with no possibility of going under the offering. That along with an obvious understanding that this price was way too low (which confused and angered many as to why?) . Now take a look at Sugerbud as it does a rights offering the other way...they are doing it at what was close to the share price...guess which one will be more successful at getting their rights exercised. In the end there is dilusion but everyone had a chance to participate and keep their exact % of ownership understanding that ZENA purposely made the share offering at a rediculously super low price because they acheive a similar effect that a stock split has as well as they will see the transacrtion actually take place. If you look at Sugarbud now the stock is trading at the 5.5 and looks to be going below...not going to lead to any rights being exercised and they will be forced to drop the rights a lot or face the same attacks as ZENA has been targeted with and without a large difference in the rights offering, they might work.