Of the two analysts on the call, one works for the underwriter of the new equity offering.
Looks like I was right on pricing having leaked!
As I recall, the equity issue was announced soon after credit line was increased, so was probably a prerequisite.
My guess is that pricing on new equity issue has leaked or, as this is thinly traded, a large investor is exiting. I agree though that this is a work in progress with large potential.
Patents and other IP.