the answer to your first paragraph is simply that there would not be the interest from 708 holders without the anticipated upside from positive results still to be announced (note I didn't say "certain" upside). If in the scenario you offered the price ran following results and then the raising was offered at a discount, the price would simply retrace to the raising price as all news/upside to that time had been priced in. They certainly wouldn't be getting my involvement at that point, nor any of the other 708 holders I know.
Your second paragraph is baffling, assuming positive phase 2 results and over $20M in cash to facilitate phase three how could it be the worst possible outcome for retail holders?
Ann: Trading Halt, page-23
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Mkt cap ! $6.012M | |||
| Open | High | Low | Value | Volume |
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