I think everyone who is thinking that the repricing of the options means that there is for sure no news coming to lift the share price soon is not correct. To me it doesn't indicate anything about what the share price might do. I'm sure they want their staff to make as much money as possible, especially when it's not a cash charge to the company. If the stock goes to $10, would you rather have options at $1.75, or $7?  Pretty easy answer. 
So if the stock goes to $10 Monday (it won't), your employees with the $1.75 options are going to be that much happier than employees with $7 would be. 
What I don't agree with is management getting to reprice their options, since our stock price is the direct result of their mistakes.