Hey it's an opinion and yes there is logic to it and I respectfully disagree with your reasoning.

#1 These people can't sell the shares purchased under the PP since they are still subject to a hold period.

#2 Money talks and they could care less what Richard might like to see and look after themselves first and foremost. Buying shares at $5 and not being able to sell them until after hold period may or may not make sense to them.

#3 These were warrants and absolutely no obligation on part of the PP participants to take them up. Not the warrant holders fault that the share price is such that it's not worth their while to exercise. Nemis has no reason to be upset with them if they do indeed fail to exercise. We'll find out soon what took place.