I agree with everything word you wrote, I have been trading (hence trading) AEZS for many years. I have sold it on every spike and bought it every time they do a ATM offering, exactly for those reasons.
This is the best scenario that could of possibly happened, you all should be very happy,
Sentiment: Strong Buy
A shelf offering is a registration of a security that a company intends to issue, but it "sits on the shelf" over a period of time up to two years. It may or may not end up actually being offered for sale.
A mixed shelf means that more than one type of security is being sold. In your example, A company plans to sell common stock, preferred stock, and bonds. This is no big deal.
We closed on 1/8 at $1.45, today 1/10 we should close around 1.22. My god man, whats the big deal? Look at other bio techs that raised capitol, look see what there at today, as long as people are willing to buy into the private offerings, Micro bio techs will keep selling to them, capeesh? We have 24.83M in cash, before the offering, 0 dept and earnings per share of 0.31 "Yes earnings!" We have products selling in the market now, (you all with me?) there are product candidates in preclinical development which consist of AEZS-120, a live recombinant oral tumor vaccine candidate for the treatment of prostate cancer; AEZS-129, 134, and 136 PI3K/Erk inhibitors for oncology; and AEZS-137 and AEZS-125 for oncology. (Yes, that part was a copy and paste) and pre split we are trading at 0.19 a share. My point is Yes I hate the company and how corporate is making money, but love the stock, AEZS has given traders the best opportunity to make Gelt, "AS LONG AS" you are on the right side of the trade.
Good luck to all and I sincerely hope they have a Cancer breakthrough to help those in need, and "that is they say is that", (quote, Star Trek 5).
I think people are waiting for the next ATM offering, they seem to do it every time the stock rises.