My 2c.If Plan A was not a 100% certainty (and what is?) then...

My 2c.

If Plan A was not a 100% certainty (and what is?) then Plan B should have been ready to go and announced when they announced Plan A had failed.

As a result of this we have an interim period where there is little incentive to buy on market, and they now have to raise at a lower share price than the market was expecting (more dilution, less future upside).

This is a straightforward case of over promising and under delivering.

Now maybe the CEO barely missed raising money at a premium and being hailed a hero, but at the end of the day it's fallen through and the share price tells the story.