During capital raising, there are two opposing forces - 1....

During capital raising, there are two opposing forces -

1. Existing Long Term Shareholders want a higher price, so that there is less dilution
2. If you are an existing shareholder who believes in the stock long term, (and or bought very low) and suspect or somehow know a capital raising may be coming up (which is obvious based on the previous people who participated in the convertible notes) you would want the price low so you get more shares at a lower price

Obviously if you intend to hold a stock, it's alot easier and cheaper to push the price down with a few million shares sold (when you're holding 10s of millions) than it is to push the price up and gain from minimal dilution which is counter intuitive to your requirements anyway.

This is the way of capital markets. Big boys create the waves, small investors just ride them. Always try to ride the crest and avoid getting dumped on!