If you watch these small cap stocks you will see that they move a ton and when they get knocked down you have to see it as an opportunity or stay away altogether. These move and there is money to be made but you have to be nimble and move opposite the crowds each day.
The way the offering reads it looks like the 9 million share offering needs to be completed by the end of next week. I would expect they would want to announce at the CC that it was completed.
The Series C conversion is to be done "simultaneously with the consummation" of the the public offering. So I am guessing that those shares are in play right now and will be sold into the market in order to get the most value.