I stepped down as mod and removed my hours of research from the iBox, folks can conduct their own due diligence and decide whether or not to invest.
IMO It's not 'gone' but it's not off to a good start either. Perhaps the company is of the mindset that we(investors) should look at this as a cheap buying opportunity, while also allowing them to make a few dollars in the process, I think this is very shortsighted though.
I believe you reap what you sow in Pennyland, diluting existing shareholders to that extent is going to do more harm than good going forward. They could have let it run and started generating a lot of momentum and buzz, slowly selling some shares here and there in the process. That would have been the right way to do it.
As I said before, it's still very early and not too late to turn things around but they need to get the pps headed back North ASAP.