The big drop was profit taking and insider info that the private placement was coming... which once again cause a short IMO
I agree with you, they wont dump those shares any time soon. But that does not change the fact, this deal is dilutive...when they do get rid of them it will be dilution plain and simple...that scares many, because they think its going to happen in a week or two. They do not understand that institutional investors hold for a big payday, not just a payday.