The recent offering to raise $100M indicates two possibilities.
1. JADE management are shysters selling stock to line their own pockets to the detriment of share holders.
2. They are about to create a large number of new retail outlets either through a buy-out of a current chain of stores or by simply opening new stores.
Number two is a basic change in emphasis in their business strategy from low margin wholesale to high margin retail. The last Q4 indicated the near profitability of their retail outlets. However, ENZO brought in less than 10% of their revenues last quarter -it is reasonable that they want to push this higher.
In August the company announced that it was exploring strategic alternatives to generate the capital needed for rapid expansion. Alternative included seeking a minority partner or spinning off ENZO as its own company. I suppose the shelf offering makes the spin-off less likely but JADE can be unpredictable.
Bottom line, it looks like they are trying to push the retail end of things fast and need the capital to execute.