Bot Chart, page-1359

That rule may not apply this time around: only 23.8m shares have been allocated to those who may want to play that hand.
Chances are that the 10 US investors brought in by Cowen - with their 166.7m shares - turn out to be not just the larger fish in the pond (about to reset BOT top 20s holders list) but a whole different kind of animal.
IMO, Matt is not just opening up to 'new' investors - at 19% discounts the CR would have been oversubscribed with existing holders - but he's also trying to kill the 'rinse and repeat' that has plagued BOT's trading.
I think that, once the spectre of a currency war is demystified and that of the 'post issue trading' evaporates, the uptrend will resume with support in the mid 30s by the start of September.
After that -if the acne's trial results are good (as the recent investments/appointments would suggest) then there is another 'rule of market': there's no way that a biotech brings disruption to a multi-billion dollar market and it doesn't re-rate.