Just to reinforce what has already been said in so many words, $1.60 is not game over. It is what will most likely happen in the short term before this gains steam again. $1.60 is the beginning of a good buying opportunity.
Sentiment: Strong Buy
Hey John. I'm buying a little bit at a time every few weeks. I was afraid I may not pick up shares under two bucks again. If this means that I get a chance to get more shares at 1.60 then whoop! :)
All these private investor money put into the company at $1.60 was the reason how this stock has been tripled and formed a triple heads shape here.
These money are only saving the company from death temporarily but it can't save it forever.
I bet these private investor had already bought tons of shares at $0.40 - $0.50 level and now it's time for them to sell off and take their profits.
I'am a BUYER not a seller and I think this is a great stock but having had several stocks that issued offerings I know the drill. You are right the stock will drop to the discount PPS of $1.60 and will most likely drop a little lower but the floor will be set and the market makers will not allow it to drop too far, maybe $1.50
After the offerings is over the stock will increase maybe some upgrades or some good news they have been holding back. All these good customers did not buy the stock to see it go down.
If you continue to hold the stock @ $1.85 you are going to lose at least 0.25 and most likely a little more. If you don't want to sell then at least don't buy over the $1.60 target.
Good Luck !