Hi Winners2 - I think your maths is a little too simple as you aren't factoring in the $125m of convertible notes and the 38m options that have an average strike price close to $20c. My maths gives me $3.30 to $3.40 per share on a fully diuluted basis. See my post last night.
Either way, I think under $3 is a good entry price
Cheers
Zinc