RE:New offering vs rights offeringTo me, that prospectus is clearly for once we have gone up and moved onto NASDAQ. It's pretty standard for companies to raise money after their share price appreciate nicely, which is likely to be the case this year after the upcoming FDA approvals.
The line of credit is plenty enough to go through those catalysts, so they wont dilute at current prices but at prices post-FDA imo. And like hightea said, there is no need to fully dilute all at once or at all even. It's standard to just have a prospectus ready for when occasion arise.
It's also not uncommon for institutionnal shorts to let it ride way up to short at very high prices (eg $4) and then cover on the bought deal at $3 for example.