I suspect one of the reasons they did it at this time was to shut up all of those funds who said they didn't like the stock due to its less than stellar balance sheet. With this funding, they should now have a year end statement that shows over $25 million in working capital surplus. If they waited another week, it would be this Summer before the balance sheet would show up. I don't like the stock action after the funding, but you sure but I am glad they have the money now.
I know of at least one new fund who is in there buying today because the funding was completed, and they are getting to buy the stock in size under the offering price.