My biased perception (I am a stock holder).

With the money burn rate disclosed several days ago, the company has one year to turn the corner and make a profit or die. There will not be another trip to the well to get more money (good money after bad). The 12 cent per share old stock basis reflects what real money investors in the market (not cheerleaders) think of the probability that management can turn this company profitable based on past performance.

Go ahead and slam me, I have a thick hide. Have to, in this market. Should have followed J. Willie advice and invested in bullion instead of miners.