With an average quarterly burn of about $2.5m (and decreasing)...

With an average quarterly burn of about $2.5m (and decreasing) and $11m cash in the bank it is indeed strange to raise $2m at prices close to ATL. If they were really worried about running out of money they could have waited a few more quarters to demonstrate further progress and to hopefully do a larger raise at a higher price. In order to expand their operations book they normally secured/extended debt in the past but debt is very expensive today. May be they thought they'd expand their book with a raise? Not impossible, but it's a too small of an expansion in my opinion. Another explanation is that Regal wanted take a larger position but since there is not nearly enough liquidity in the open market they asked management to do a raise. The language of the announcement plays in favor of this assumption: "Butn has agreed to place shares". These are all assumptions though. I am very curious to see the next quarterly results.