Ignatius, Dan had done a capital raise in October 2013 for much closer to the market price. He offered a 40% discount in April 2014 because he needed to offer that kind of discount to new investors (screwing shareholders by diluting them with a 40% disciunted offering) to get them to agree to pass a controversial comp package that shareholders had twice rejected. The smoking gun was he actually changed the proxy date to include these new investors then the proxy passed shortly afterwards.
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