The company just posted a $0.74 loss in a single quarter. That makes it hard for people to buy. There was just a lot of shares put out with the rights offering too. Some people sold some shares as they exercised some rights, myself included. Some other people are going to sell some shares after they exercised their rights.
It's good to see that the CEO picked up much more than his regular subscription privileges in the rights offering. Oakmont capital did too but Stillwell did not.
That is my point, as bad as the company's fundamentals are, insiders were plunking down millions in cash to buy on the open market for an average cost of about $3.60/share before this subscription offer, and in this recent subscription they spent millions to buy at $4.00/ share(granted, they get free warrents, but those will have no value unless the stock goes well over $4.00). So I have to believe that these insiders see significantly more value than $4/shr in value yet the stock struggles to pass $3.