They wouldn't bother trying to issue a secondary at these price levels. There would have to be a huge run-up in the stock price before they would issue more stock, and if that happens, the market would see the secondary as a positive, a la Tesla (financing expansion to meet massive growing demand).
You might get 10 to 15% gain at the most. Longs outnumber shorts 3 to 1.
I'd bet on something else as a short. News always creates shortable pops. Even the MM's sell short on flagging volume. But at some point you only create larger pops by doing so. There's better short plays.
That said, this will also take its time running higher - until more news events send it in one direction or another. The opening gap at $1.09 from earlier this week would be the first target for movement - but shorts would still be outnumbered.
If they dilute by raising cash, it would have to be for a really good reason. Right now they have excess capacity, but I could imagine a scenario where they would want to build a plant at a manufacturer's site for just-in-time delivery. That would only be good news, not justifying shorting, IMO.