They only had 2.6M in the bank at the quarterly with 1M cash...

They only had 2.6M in the bank at the quarterly with 1M cash burn rate so its not really surprising.
I think they probably wanted to get in before the next quarterly and the rumors of a cash raise start.
Its a good move if you need cash anyway, once the rumors start of an imminent cash raise it can devastate the share price and restrict the effectiveness of the raise.
Took me a little by surprise as well but that's my fault for not keeping a closer eye on the cash reserve. Companies don't like to get below the 1M mark.
I was a little blinded by the string of good news, on the other hand, I'm a satisfied holder, they seem to have a good handle on expenditure, are not extravagant with their money and are making solid progress.
I'm hoping the terms are good, not too much of a discount and I'm also hoping that I'll get to participate.