I think that your second thought is more likely correct ,
But there could be another reason, which is if they release 4c and everyone knows that they need a CR, then sp could drop deeper even if 4C result is good
Do you think that the new investors who took part in the small capital raise would part with there money with the sp at these lows without being informed a little better than the market has been thus far .
Much can still be said without saying anything directly , all about how you say it .
How Invested Are You?, page-19
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