No idea.
Maybe scaring the chickens as you mentioned so that there's more in the shortfall
Maybe selling at .005 to buy your entitlements plus options at the same price. That would seem a lot of effort for not much benefit
If you were genuinely selling out, you would've done that 3 weeks ago
I don;t think it matters. What matters is the uptake in the raise. If the company raises what it hoped to raise, it will be a strong show of support and provides a good buffer for the future. If the raise fails to raise sufficient funds, then there is a big problem.
If the raise is successful and the news starts flowing over the next 6 months, there's a real chance of revival.
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