Recipe for how to kill a stock price for a cheap PP1. Announce a PP with no price to be filled on a best efforts basis. $20-$30 million implying a 20% to 30% dilution at $1.00. 40% to 60% if you include the warrants.
2. Do #1 in the absolute worst market conditions possible.
3. Drop a bomb in the prospectus basically admitting your $60 million in profits expected for 2023 will not come to fruition.
4. Drop another bomb in the prospectus alluding to illegal market manipulation, including the CEO giving up privileged information for manipulating players to act on.
Are they insane? They obviously don't care about non-accredited retail shareholders. They will dilute them in order to give their accredited investors the absolute best deal possible. Three weeks to close this and the NASDAQ is dropping 3-5% a week. $1.00 is the best price you're going to see on this raise. Maybe less than that. They are doing this intentionally. This can be the only explanation for this absolutely baffling action and horrible timing.