A current shareprice of $1.94 implies a pre-dilution shareprice of $1.94*2.388 = $4.63, much higher than it was actually trading at.

A pre-diluted $3.30 per share is equivalent to $3.30/2.388 = $1.38 per share. 

Even though it looks real low at $1.38 per share, if you just consider the dilution of more that double the original sharecount, it makes sense.  ( If the sharecount had doubled, then it would be $3.30/2 = $1.65, but it has more than doubled).