You should check out the volume activity that proceeded the last RS. The behavior was almost exactly what you are seeing here. PR's followed by a couple million share-buys at the ask, then intermittent days of 100+ million at the bid. #1, #2, #3, #4, RS.
Yes I guess there is always that possibility that management has grown a conscience since the last RS... That they won't screw this round of investors like they've screwed every other round of investors... One can always hope...