General information, page-12

For any outfits watching PTX, they know the game well and the longer they wait, the more risk-off it becomes and the cheaper they can accumulate so long as they don't wait too long. It's brinkmanship. The financials guarantee it. One of Charlie Munger's famous quotes was, "The big money is not in the buying and the selling but in the waiting." That goes for entry timing as much as patient holding.

So, I say, the judicious investors who demurred jumping in at the last cap raise have proven to be experts. It's now over 3x cheaper with a Phase II added on for free and they probably figure if they still wait PTX out, they can pick it up at an even "fairer" price by the next cap raise. But once positions start to be take and the price starts a momentum climb then that can all descend into an unseemly scramble as the train accelerates along the platform. All aboard!