They stopped using the ATM (if they used it today) in between 1.27$ and 1.30$ in my opinion. I have no hard proof for that but in the past it seemed the point where we bounced against a wall.
So, 1.21$ close makes sense and is a good jumping point for the next news. I think they will move the ATM entry up by 50 cent if in the 7Milj of shares today they has collected to their satisfaction.