The Shelf Prospectus is not an offering per se its simply PAYS registering the "right" to sell up to USD 150M in securities at some point in the future (ie. I think its opportunistic and to the extent they are looking at some acquisitions, they can ponce on them when the time is right).
TBH I would do the same thing if I was on Paysign's management Team - Why not raise capital now that the company has gone from sub 100M to nearly 1B$ in such a short period of time? The fact is they have built a very reputable board of individuals with experience in this space and they will do what they can to maximize shareholder value (and implicitly mgmt value as they have so much skin in the game).
The fall was simply more dramatic than it had to be given the BTIG downgrade - though hard to trust analysts as lots of them like to play games to try to get into stocks they like.
Best of luck - appears to be strong hands buying at the bottom.
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