Entitlement offer if price goes below $1?

Hi all. First time poster here.
I bought some RCR shares on 23 July, which you will note was about 1 week before the trading halt and subsequent collapse. Not Happy!

But anyway, I'm trying to figure out what to make of the situation regarding the entitlement offer and the current price. The offer says we are entitled to shares at the bargain price of just $1 per share, but since trading started again the price has consistently been driven down to close (on Mon 3/9) at $1.05. There does seem to be some support at $1.05 but would another big push by the shorters push the price down below $1. What happens then?

If the price goes below $1 then I cannot imagine many people taking up the offer. From what I've understood of the prospectus that means that Macquarie will then be allocated them for $1.

A bunch of questions now come to my mind:
Will the price go below $1 for some nefarious reason?
Is this something that Macquarie want and thus they are pushing the price down?
Is this something bad for Macquarie and thus the other institutions are pushing the price down?
If there is a shortfall of retail, and Macquarie is 'allocated' the difference, can other institutions buy from them, and thus the other institutions are pushing the price down?

Ultimately my question is "should I subscribe to the offer, or leave it and hope to top up when it goes lower still, or should I just ride out my current position, or cut my losses and walk away"? Obviously I don't expect you to answer that question directly, but I'm interested in any input that you can provide about the possible thoughts/mindset/strategies of the players in this game, whether it be the company, the institutional traders, the under-writer, the ASX, other retailers etc.

Note: Given the success of RCR constructing PLS's lithium making machine and other successful projects I still believe that RCR has potential, but I'm unsure how much havoc the price manipulators can wreak.