Playing devils advocate here, what if the raise had been...

Playing devils advocate here, what if the raise had been marketed at 20% discount to 7 day high at 1.60 (any thoughts above this are only wishful thinking by the inexperienced) and the offer hadn't been oversubscribed or even failed to complete. There is a larger risk to all longterm shareholders in that position IMHO
Bird in hand, better leverage in subsequent more important negotiations, and more durable instos on the register in a pretty crazy credit market are all assets worth valuing into the deal.

note: in any raise % points are given to the underwriter, there is no getting away from that fact regardless of pricing...