Public offering 4M shares at 2.7. Cash raise of almost 11M
Ouch! 60% dilution. Anyone shorting the R/S into financing from $6 down to $3 made out well. Now is the time to get in, if you trust this is the last cash raise before approval. $2.70 will be an approximate bottom and we could see a short term bounce.
When they did the R/S most the shares were not available to trade yet millions were still trading. There were no new shares created by the R/S and the majority were not yet made available. So someone was trading something.
I very well could be entirely wrong on this, but millions traded when there was not millions of shares available for trading.