Or conclusion #3, lower pps due to further dilution warrants patience, and bidding accordingly. Not specific to QTMM, just a rule of thumb for penny stocks with horrible financials, always expect massive dilution at much lower pps. As a retailer, waiting to see what the smart money does and waiting for a trend to establish is usually the most prudent strategy.
As a corollary, you guys have fallen in love with a stock. Tsk tsk.
Btw, very encouraging abstract of the outlook for QDs (QTMM is apparently mentioned somewhere in it, I don't have access to the text). Saw it posted earlier in the forum, reposting in case anyone missed it:
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