If said institutional investor bought the offering and is now selling, driving the share price lower, selling at a loss, what does that say about what kind of investor we are dealing with? Far from platinum.

But, we do not know who all took down the financing, nor do we know how much if any of the recent selling is by that institutional investor. However, I do believe some of the nimble sophisticated pros (traders) have done exactly that. Their dilemma is, lower they drive the stock, the farther they are from the strike price.