It's a bad deal. Remember, this deal was done BEFORE the results were released. So, for negative results, getting shares at $1.55 when the company has $3.50 in cash is a bad deal for shareholders.
The preferred deal was a clever scheme, they win either way...
From a shareholder standpoint, the deal should have been like it was before the read out at Neurotrope, buy common and get warrants, they are being given upside at the price of downside risk. In this case, they learned and got bold and created this scheme where they win both ways. From a shareholder standpoint, I view that deal as unacceptable. Their money was not needed, this was a way to profit them regardless of which way the results went, thus this deal should not have been done.
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