I think management would have been aware that the CR was...

I think management would have been aware that the CR was unlikely to be significantly supported by shareholders as there hasn't been sufficient transparency as regards problems with development of the batteries. You reap what you sow!

I am wondering when the "number of investors" signalled their interest in coming on-board. My hunch is that it was well before announcement of the CR and the CR was always intended to give them access to shares on the cheap. Time will tell.