Maybe I'm missing something, but in every scenario I explore, an offering just doesn't make sense before end of July.
1. They haven't released their financial documents yet. I believe this is required.
2. There are only 16 trading days left in July, and they need to satisfy the herc loan by End of July.
3. An offering that included SH Dilution would drive the price down, opposite of what they are trying to do to retain Nasdaq compliance.
4. There is no time for a R/S. Therefore, R/S - then offering can't happen. Not to mention the company would have at least send an e-mail like they have in the past letting SH know that they 'might' need to do this.
So if you ask me, This leaves really only a few other possibilities that I can see (that make sense given their latest 8k)
1. They pay off Herc by End of July with remaining cash and their sales are rocking enough to sustain the payoff and keep ops moving.
2. There is a buyout before the end of July
3. They obtain additional financing via other means outside of SH dilution after paying off the herc loan.
4. They obtain additional financing via other means outside of SH dilution and keep paying on the herc loan. However this makes less sense because they have already communicated this will be paid of by Jan 2018 or SOONER. There are only 6months left to pay this off.
I personally believe that the second option is the most likely. This isn't just because of the evidence presented here on this site, but they could very well be working with Nasdaq on a 1017 (change in control due to acquisition) - reason for late PR on this (M&A tag) Their audits (not just the impairment, but recent Brazil audit - justify this, don't focus so much on the impairment) During a M&A there is required DD to ensure all financials are CLEAN prior to BO.
