The SP price is low because there the company has proven time...

The SP price is low because there the company has proven time and time again that it can't deliver anything, has incompetent management, and are fast running out of money.

How will they justify their next capital raising? "Guys, I know we just blew $8 million and have nothing to show for it, but we need more money". And lets be honest, those 'sophisticated investors' just sold them and dilluted the market (Thanks management!), not to mention the options just expired and turned out to be utterly useless - this is a confidence breaker right there.

Considering the confidence and trust between buyers and management has been broken so often, I wouldn't be surprised if this was the last straw.

Regarding their little 'buy asset, hype, capital raise, dump asset' cycle - "You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time"