FWIW they had an open s-3 that expired last month (happens on the third anniversary) so they needed a new one or they wouldn't be able to raise any funds.
This is an important excerpt:
"As of May 4, 2023, the aggregate market value of our outstanding common stock held by non-affiliates, or the public float, was approximately $13,943,990, which was calculated based on 11,155,194 shares of outstanding common stock held by non-affiliates at a price of $1.25 per share, the closing price of our common stock on May 4, 2023. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in a public primary offering with a value exceeding more than one-third of our “Public Float” (the market value of our common stock held by our non-affiliates) in any 12-months period so long as our Public Float remains below $75,000,000."
So this lofty sounding $150M shelf only really allows them access to less than $5M in financing over the next 12 months.
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