Ort gained access to 25 million. With the Fiscal Lliff looming and money lending very tight its not a bad deal.
They will also get more money when its converted into 3.50 shares..
Yes its short term pain for the investor but its good for the long term health of the company.
Orts cashburn will increase in the next few months when they start production. They need to have cash on hand to cover the time until money starts rolling in from their sales which could be 60 -90 day terms or whatever they negotiate.
All is good..