personally I will not draw any strong conclusion from the offering price. institutional investors won't blindly look at the last pps. let's not forget we're significantly higher now than we were at the time of the RS.

honestly, if I were working on this PO for an institutional, I would perhaps try to get the price as low as possible and then buy on the open market when OTC-minded shareholders sell out of the deeply ingrained fear many showcase most of the time