"Overnight" offering.. Considering it's an overnight offering, these shares have already been spoken for and this will close by market open tomorrow. Wonder who bought up all these shares? I would laugh if it's MMCap looking to close their short position.. but that isn't the case as only 14M shares are short here.
Smart thing would have been for the company to broker a deal between MMCap (who wants to sell millions of shares) to this mystery buyer, to do a cross trade and make both parties happy.
This is being done however to raise cash. Hopefully in the NR tomorrow regarding closing of this raise comes a true reason for it.
It's either an acquisition, paying off debt (BMO calling in part of their loan), or they ran out of cash.