The company repriced the 2004 Employee Stock incentive program and management placed the maximum price at $3.54. That is telling the market that they think $3.54 as a ceiling is a fair price for the stock. It's the "MAXIMUM" price. The market will soon reflect that price. My best guess is a 10% discount or $3.20/share. It will happen sooner than you think. Act accordingly. Use capital that you can afford to place at risk or don't need for at least 3 months.
Employees are suppose to get a price break. It keeps them working and give them "vested" interest. The 3.54 price argument is dumb beyond belief. Nobody offers stock options to employees higher than the stock price. This argument should have died of stupidity long ago!!!