I think $100M is a standard minimum for shelf offerings. I would be shocked if they raised more than $20M of cash - what would they need it for? The $100M may also have to do with cashing out some of the PIPE/private shares that have been issued over the past five years - those shares may not have been eligible to sell/trade on the NASDAQ, so they may cash out some of those investors' holdings? You would think they would have the decency to issue a press release to disclose their intentions, rather than having the shareholders fear the worse?
The $100 million shelf registration provides Novadaq the fiinancial flexibility to raise cash if, when, in an amount future operations may require. The company's placement model is capital intensive. It would be tragic if future growth were to be limited by financing.
The registration is a prudent precaution. It permits management to focus on growing the business. Call it "planning for success."