You would think they have some sort of plan. Otherwise no investor, retail or institutional, will ever go near this company again if all they see is they endlessly keep screwing shareholders.
Given that a positive news is coming shortly, any serviceable-level management would do this R/S in the following order: 1) Release the news; 2) Let the share price run; 3) Arrange R/S and do a secondary; Thus, either the management is stupid (I doubt it), or there's no great news on the horizon. I think it's the latter.