I think Copper Fox is keeping the offering open because they want the flexibility of being able to alter the offering amount. I think that it is easier to file an offering and make changes to it rather than file an offering, close it, then file another one. What we might see next week is that the amount of the offering has changed. It's happened before, see this link.

The reason I don't like seeing this happen is because it creates uncertainty for the stock. Typically the offerings are available to the public, so an open offering essentially puts the stock on hold until things get figured out. For example, imagine a company is trading at $10 and will be doing an offering at $9. The share price will not rise because all of the big buyers will simply buy into the offering at $9. Also, if people are able to drive the share price down below $9, then the offering will be readjusted and the big buyers will get an even cheaper price. We are in a different situation because it's a private offering and because it's a small dollar value, however I think the same mechanisms are still at work. If we need money, we should raise it an move on. Continously reminding the markets that we need to raise money is not a great way to let the share price freely trade.