Looks to me like a bear raid, most likely. Also possible that some large trading position got panicked on seeing the 0.38 without considering that no warrant coverage is bullish because it's a much better deal than the recent ones were. It's below market but in large part because the market rose from where the deal was negotiated. Probably was at a 10% discount to market. That with no warrants is much better for longs.
We know that the cash burn rate was greatly reduced just to have lasted this long since the last tiny raises, but an offering has been overdue. The stock will continue to move higher. The combination trials will start in the coming weeks and the stock will be significantly higher by year's end.
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