This is one of the craziest posts I have read in a while. No serious investment firm puts up millions just to break even on the hopes that in 5 years time they will be able to make some money on some options.
I play these type of plays regularly and have yet to lose on one. Give it a few week after the financing is complete and it will have bounced at least once back to the .30 range.
My Guess is that some of them may already have sold their shares at a small percentage loss for the reason you give. The enormous volume of trading the first day after the news may suggest that this is the case. I Guess some institutions will sell their shares during the next few weeks and some will keep them in addition to their warrants for a long time.
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