I was initially surprised (and upset) by the cap raise as well,...

I was initially surprised (and upset) by the cap raise as well, because of the US govt debt commentary that was being aired.
But on second thoughts I think that Wayne and co played it smart, by telling the story of mainly using debt instead of cap raise to cover gap financing.
That held short sellers at bay.... Could you imagine how much PEN would have been shorted if the company only gave a whiff of a hint that a cap raise would be coming?
So... given how everybody was surprised by this raise bombing on us, on second thoughts I think that Wayne and co played it well.
Now it's time to show what can be done with all that monies in the bank...