I think the 249D, if successful, will trigger a specific event (change in mgmt?) that prevents them having to underwrite $1M @ 8.5c. Note CPS (Haynes) already was buying, on-market, at 6-8c for most of his sub holding.
I would expect the motion to get up, followed by a lowball placement to CPS that is taken up by those CPS holders who are underwater, which will get their average down. Then the shell will be ready to roll and CPS will either go solo or get a dealmaker onboard to project source, or, hopefully, Pheakes will step-up.
This could be an absolute cracker shell if they don't issue too many more cheapie shares and get the right dealmaker onboard.
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