My belief is this is something that was negotiated LOOOOONG ago. Raising the price to 65 cents was probably the best they could do because of this fact. Had they waited longer it would have looked even worse.

Now why negotiate another PP, even when they said they wouldn't need the funds? Call me an optimist but my rationale is linked to the fact that their plans may have changed requirign more funds. Though dilition is higher than with a higher stock price, pitching yourself to larger entities with no cash on the books narrows your timeframe to negotiate a deal without being in a precarious state while at the table.

In all honesty, though no one likes dilition, I actually understand the rationale from management's perspective. Yes the stock price is down but not much from a couple days ago. Long term boys and girls.....long term is where the real returns reside!