Incorrect
It says nowhere in the document provided that before and after holdings. Read carefully what you are posting(approximately 45.3% of our outstanding common stock, and approximately 58.7% of our fully-diluted common stock). That is just showing how many shares are held at the present time. The two percents provided are two different things. The company will not purchase their own shares during an offering. The reason they hare placing an offering is because they need money. If they had it, the company wouldn't be giving the offering.
Regardless of this, the company still looks good, they just have too few products at the present time and as a result, do not post enough news to drive investors. Last positive news was almost 6 months ago. Too long for a low level stock for most investors to stick around.