Some so-called 'sophisticated investors' that I know simply do...

Some so-called 'sophisticated investors' that I know simply do not invest for the long term. They dumped their heads at cost or below cost price and ride on the free options.
We saw that being played out after the CR with Evolution Capital.
Then when the price hit 20c and the new investors saw almost 50% gain from CR price, some were tempted to cash in.
Plus, since UNT appeared quite frequently on the 'most discussed' stock in HC, it attracted some day traders who took up position for the impending
announcement, waiting to sell on the news.
The big jump in price did not come as expected and so they are beating a hasty retreat.
That is the std trading dynamic in share trading.
The good news is the share price has nothing to do with what is actually happening to the company's business behind the scene.
In many regards, I am happy that the options didn't get exercised.
Imagine the short-termers getting their hands on more shares and constantly selling beyond 2.3c.
What about future Cap raise?
Nobody knows. But it doesn't look like they are desperate for cash immediately.
With the earlier launch of the product, they have brought forward the start of the income generation stream by a quarter.
That must count for something.
The share price will fly into the orbit with just one major investor.
It is always darkest before the dawn. The sun can rise suddenly and the darkness of the past is just a memory.