"If a company makes a cr just to stay afloat without it...

"If a company makes a cr just to stay afloat without it contributing to any real progress and without any near term news flow to keep cr participants interested, then maybe 9 times out of 10, I would think it likely that the sp would drift back to the cr price. This looks nothing like that scenario.

All those upcoming and important news events potentially over a very short time frame following the cr is why nobody can assume the sp will drift back to the cr price."

If this is the case, the discount shouldn't be more than 15-20% (I don't know the price at which it was raised, nust stating my expectation), don't you think? Why discount a lot when construction and production is imminent?