Maybe IBs felt they needed to do the ATM to raise enough cash to make the preferred more placeable. Maybe they did the smaller cash raise followed by the road show because they plan to raise more cash at higher prices via the preferred shares remaining.
They may need more cash because one or more of the upcoming partnerships require cash contributions (like one with Cotara) in order to do the deal.
Who knows but I feel like we will know soon about much more that is going on. IMO the CSM trial is done or SK would not be openly stating that it was the 3rd parties fault (I believe they will announce once CA dismissed as to preclude CA from getting any add'l info). I also think they no longer fear the CA and are just letting it play out
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