The way I read the prospectus is the SPP is not underwritten....

The way I read the prospectus is the SPP is not underwritten. Therefore if it's under subscribed then it's under subscribed.

I don't believe anyone can come in off the back and say I'll take those left over shares at the Retail offer. In the T and C's you must have held shares before the SPP announcement. You must have your money received by no later than COB today, you can only apply for a maximum $30K per holding.

If there is a shortfall it will need to be covered by a new SPP once this one simmers down (9-12 months).

^Initally I believe the share price fell by retail holders selling stock to participate in the SPP. That ended about a week ago. I think what you are now seeing is a loss of confidence in the stock (specifically management) from Retail holders. It's falling 5% a day, and has yet to really respecting any support levels. People get scared they sell. There is not much buyers depth as most of Retails money has gone to the SPP.

A perfect storm created by this CR.

It will take the market a few months to absorb $65M of new share supply and for things to settle down. (Unless there is a left of field positive announcement).