I agree that the panic response has been bigger than it should be. IMO it's a reaction from short term holders looking for a rise on news soon and hearing that PPSA could be months away and no word on flow testing yet, taking a small L and moving their money elsewhere.
That's short term money for you - it moves around quickly. People won't win on every investment so they won't hold on waiting and hoping.
Coupled with the troubling funding and possibility of further dilution, medium term holders probably don't want to be caught holding the bag either.
If you believe there will be any sort of rise in the SP during the next 12 months, options are currently sitting around 3c, about 3x cheaper than heads. They have just under 28 months left to strike at 20c.
