RE:Analysis of Financing
IMHO, that makes no sense.
The investor came in when the share price was .63. It didn't drop below that price for 3 months, only dropping below .63 in the last 2 trading days before the Dec. 1 deadline when investors realized it wasn't going to close.
The investor(s) knew that their offer to take up shares at a premium moved the share price up. They also knew that the constant delayed closings caused the share price to drop.
Price is really the sticking point if they saw this 3 month period as a call option on the stock, hoping it would be north of $1 so they would be essentially "in the money" vs. paying a premium with the share price back in the 60's.