Looks like my coin still works after all. I think it was tough to sell shares above book and this offering goes on the shelf for 60-90 days while they shore up the stock price above $9. Management is too smart to sell stock below $9 per share.
This is good for lots of reasons... Shows that management seriously takes into consideration shareholder value and won't make a bad deal just to increase size and fees. It signals they are not desperate for the money which will make everyone want to give it to them. With luck it will create short squeeze for the people that tried to short into the offering, especially if overall market recovers into the weekend.