There's a limited window of opportunity and one can go down the list and see the number of shelfs, including debt financings and secondaries in the sector. A shelf offering, once cleared through the SEC, gives the Company the right, but not the obligation to issue a range of securities. They're getting the filing out of the way. However, it doesn't mean they'll do it at dilutive valuations. Most importantly, their ability to raise money will be a key factor in the success of their stock. If Genasense were thought to be dead in the water, then no institution in their right mind would buy stock ahead of ODAC. However, if they are confident (through winks and nods in Rockville) that Genasense will be approved, they may be able to pre-sell the deal. A shelf is far more favorable to shareholders than a PIPE (which is done at a big discount to market price). I seriously doubt that the offering will be done before ODAC. This will also dilute AVE's stake, unless they choose to participate, as well.
No paranoia, but, does it seem odd- looks like the shelf news will be spun as a negative. Possibility that the buyout rumor was put out there by the shorts yesterday, to run up the price, creating an opportunity to short more shares off the spike, knowing this news was coming out?