The only scenario, that can justify a raise with this steep discount (24% 5 days trailing) is a very new and very attractive opportunity which needed cash to close on and needed it quickly. It would be helpful and transparent to include details on the use of proceeds for the deal tied to this financing. This should be possible if the deal is near closure, diligence is done, and it is down to financing. If the deal is a cash and stock deal, this might also work in favor of the shareholders by supporting a higher PPS for the shares in consideration on the transaction. For future reference I strongly recommend GIG include this kind of sugar with the bitter pill in the PR next time as it makes it much more transparent and palatable. Transparency builds trust. Trust builds support. Support builds PPS. You can always have legal add the requisite 3 sentence caveats that said deal might not close due to yadayadayada and cya.
It is too steep of a discount and management knows it.
So yes, why so steep. Many possible reasons. Many possible combinations of reasons. What do we know and what do we suspect.
We know the company did not need the money to remain a going concern.
We know they are interested in growing gross revenue to the 100M+ level and transacting at a multiple.
I suspect they will make a near term acquisition that increases gross revs by 20M/yr. It looks like it will be a mostly cash deal (70/30) due to the stock deals not performing well for the sellers sitting on their shares still.