|I'm sure they're trying to raise capital (not like they have much else to do), but they wouldn't ever announce anything without a firm commitment from someone. And there's several possible reasons why they haven't been able to get one.|
Maybe Bob Saxe was the guy who brought institutions in, and none of them are willing to work with Joe now that he's on his own.
Maybe Kevin Douglas (remember him?) is quietly declining to endorse further investment here.
Maybe Mercedes being a known quantity changes the perception of this company's "unlimited" potential. (I've written a few longer posts on this theory.)
Maybe technology has advanced to the point where SPD doesn't capture anyone's imagination anymore. (Apart from the imaginations of those who see the latest tech in action and convince themselves SPD secretly has something to do with it.)
Maybe the failed lawsuit against E-Ink exposed the limits of REFR's patent portfolio. Or perhaps it, too, altered the perception of this company in a negative way.
Or maybe they just didn't see the collapse of the share price coming, given the bull market, and now it's simply too low for many institutions to touch.