They could've done an IPO with the uplist too. Lots of companies do those with good results when they leave OTC (see CYNA for a recent example). Uplist IPO's are almost invisible with the initial rush of increased liquidity.
Previous offerings were before 4:1 reverse split. 17 mil shares before are 4.25 mil now. Same neighborhood as this dilution will be.
Oh, and it's also more shares (dilution) as the price drops, of course. The problem with ATMs is they can create downward spirals. More dilution creates sell pressure which creates more dilution which creates sell pressure, etc.