a) The investment is small - actually, its tiny - so having the...

a) The investment is small - actually, its tiny - so having the funds "locked away" until the 15th is not really relevant.

b) The small outlay averages down my share price by a whopping 20%

b) If the price drops below 55 cents there is a loss, but not substantial given the small size of the SPP investment. Also, there is no guarantee that it will drop below 55 cents, though I agree it is likely.

c) The company needs the money. I'd rather the company have the money, and use it to increase the chances of saving my existing long term investment, than give the money to a retail investor or shorter covering their position.

d) If the share price does continue to fall (a good chance that it will), I am well positioned for one further average down if I think circumstances have changed sufficiently for Appen to warrant it.

Overall, I am increasing my chances, at the very least, of reducing the size of my losses. Based on Appens last investor update, it is likely that the company is now (as of November) cash flow positive (after its extensive cost cutting drive). So I think the company will survive. The questions for me are, in what form will it survive? What is Appen's new operating baseline? What new/emerging opportunities, if any, are there for Appen to shift from survival mode to growth? Is Appen a potential takeover target?

Worst case scenario, the company goes bust and I've lost only a small outlay with the SPP. Miniscule compared to the larger loss I'll suffer from my existing, long term investment.

For me, the SPP is worth the risk.