The huge trading volumes today is great, IMHO. It means the weak hands are getting out...technically, the stock has been cleaned up, and on the closing of the deal, we go right back to where we were before the deal...i.e. close to $5.
As for the timing of the deal, here is the way I see it from the Third Eye point of view. I already have the warrants, so my upside remains with me. All I now need to do is to get my loan back. I think these guys will be fine after top line data...but why take a chance? Dilution today at nearly $1 billion is acceptable to me, them and the market.