Hey,
There is no use of panicking with little time left for the exam.
In my experience, the battle is already lost if you do not believe in your head, that it can be won.
Don't take stress with regards to time, but try and limit yourself to around 2 minutes to solve a question.
Stretch to about 3 minutes only if you believe it can be solved in another minute.
If you realize that you are not going anywhere, just go ahead and make an educated guess.
Also, try and analyze which topics have caused the score drop.
If it is a specific topic that has caused this drop, revisit the concepts
and then give the exam another go.
Do not try any new tests/questions around 3 days before your test.
Go through your error log and give the GMAT your best shot.
Also, if there is another round where SPJIMR will accept your application,
it would make more sense to work on the GMAT, get the best possible score
and then apply.
Hope this helps!