RE:what I don't understand isThis is a good point. From the point of view of the impact on SP, we must concede the ATM was hated by the market and super-charged the downturn. Alternatively, had they stuck to it - and just kept it in their back pocket until money market conditions improved and perhaps when more clarity on reimbursement policy was achieved - the market would gradually have relaxed and we'd probably be right where we are now with potential to raise cash when necessary.
Whether cancellation was panic or prudent is an open question. Certainly it made them look like ditherers.