An S-3 filing is utilized when a company wishes to raise capital, usually as a secondary offering after an initial public offering has already occurred. In order to utilize the simplified process, firms must first meet a certain set of eligibility criteria.
Yes, just means the SEC Registration they have been filing for is effective now. Of course, there won't be any conversions and sales of shares, as they will need $2.24/share just to break even on the latest financing deal... No worries...