I share the opinion that existing shareholders should have been offered shares at this extreme premium. It is certainly a premium. Maybe some technical/strategic logistics barred this possibility. I would have added today at the low, if I had not been on the road. Should spiral up as time goes by anyway, but why not reward faithful investors?
Reminds me of the recent TPLM deal where they were trading in the mid $7's, priced an offering to fund an acquisition @ 6.50 which most shareholders thought was too cheap. Six weeks later TPLM has blown past $10 and is still going up. That beeping sound you hear is me backing the truck up. I'll take all the $1.70 shares I can get.
Obviously I would have preferred $2+ as well but I think this is a great opportunity to load the board if you didn't take a position already. I doubt it stays under $2 for very long. I am sure Brad was fighting tooth and nail to not dilute current shareholders at less than $2 but this is the first real capital raise for a small company. TPLM had to do something similar (at $6) a few weeks ago (as m.traianus says), and they were already substantially larger. Look at TPLM today.