The company intends to use the net proceeds from the offering for general corporate purposes, including funding capital expenditures and working capital and repaying indebtedness.
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If they had anything positive to say they would have said in the PR from yesterday. They had the above. The new shares were issued at 1.6 and shows the deal was negotiated from a point of extreme financial weakness. They thought it was worth grabbing the money at 1.6 knowing well the stock would likely dip below 1 again. Management simply didn't think it was worth waiting for a spike in price before dumping more shares.
Extremely terrible financial condition. No other way of spinning it.
What's baffling is that they seemed to be flush with cash with the impending sale of some assets.
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