The 2007 financing had the same no US registration statement.  Unregistered securities can still be sold in the US to hedge funds and other sophisticated large investors.

Hard to say how long for the price to recover.  Some (any) kind of good news would sure help. 

I think that another interesting question is whether this one will get oversubscribed and the additional 4,290,000 units get sold at 2.10, which is really a pretty good deal still due to the attached warrants.