I agree, I seem to remember the SP dropping to a l

I agree, I seem to remember the SP dropping to a level and then the placement results announced. If you were an accredited direct investor, you know the cash raise is occurring and the risk mgmt takes place before the rest of us know. The SP is just getting priced based on the cash raise, then it stops. Of course, this is just a guess and I don't have a clue if there is even a cash raise in process.