It is worth what the last private placement value put on the stock. The previous shares held in the private placement are now public and sold at a much higher price then todays price for the private placement of shares sold.
I believe it is called an arbitrage short or long depending on how your looking at it and from were your looking at it from and whos perpective it comes from the company, public investor, or the one buying up the private placement set out by the company much below the original issued price set by the company and yet I have been advised we will get our money back if were not to greedy.