It is a Catch 22 situation , as with all shares in the spec...

It is a Catch 22 situation , as with all shares in the spec market the need for cash is a difficult juggling act .
There is a very limited source for funds , can not get a bank loan or overdraft so CR and the toxic CN are the only really source of badly needed funds.
Unfortunately GMV had a double whammy , CN expiring and the need for funds.
The market , and all SHs should have known , were aware of the pressure GMV was under to pay the CN expiring fee , with pressure comes the need for higher discount than the normal 10% ( or so) to VWAP .
To get the funds needed , GMV had to discount heavily , they were over a barrel , the SIs and Pros took advantage , got 2 tranches of shares and the result is history.
Today . while not getting the great jump , some were hoping for , was actually a good result . because the volume of 63M shares traded , CR holders had a chance to exit .