This reminds me of when they announced the CIBC deal only to cancel it a short time later when they realized they were getting screwed. The difference this time is it was a bought deal.

They're bailing out the underwriters(partners) on this one. It appears they bit off more than they could chew in wanting to get the big commisions. Sharks immediately started to circle as soon as there was a sniff of blood and here we are. They could've hung out the underwriters and taken the cash but thats not in their best interest either.

By the end of the day they'll have $80 million in the bank, and a share price hovering in and around $4, hardly tragic, but embarrasing nonetheless.