I suspect the SP has been supported a bit for the rights issue but it would take a fair amount of money to get it to 5c and keep it there. I would guess a few shareholders might try and take a profit from that.
I would not be surprised to see the SP go below 4c after the rights closing date. However, assuming you have some faith in the companies future prospects, I think the longer term strategy as a shareholder should be to take up the rights issue anyway rather than just buying shares at market. Vivid is more likely to progress faster if it gets the financial support it needs. A weak rights take up will only lead to a bigger SP fall if the underwriter has to sell shares not taken up on the market. That doesn't help existing shareholders.
I did my bit, taking up my rights plus a bit more.
VIV Price at posting:
4.5¢ Sentiment: Buy Disclosure: Held