As EWexplorer says, its in all likelihood some sophs that...

As EWexplorer says, its in all likelihood some sophs that participated in the raise. Imagine you have 5 million shares in ECS. You apply for another 5 million (or whatever amount ) through the capital raise at 2.2 cents. You then come on market now and sell your original 5 million at anything above 2.2. In this instance you have just locked in a 4.55% profit for free and still hold the same number of shares.

And then imagine next week when we have the 181.8 million new shares come onto market, it was hard enough getting any movement before this huge dilution, now we will have 10s of millions of shares in profit at every price point above 2.2. Not the best.