You mention "CR below 10c means poor results". Not sure that the...

You mention "CR below 10c means poor results". Not sure that the assumptions you are making are correct. If put in context alternate scenarios become clear.

The results are delayed. We know this. Why exactly we aren't sure. However we are sure that the money is now running low and should run out before the next quarterly which means one way or another they need to raise money. A CR is the most likely and they need to start the process soon.

The timing of the results may well be beyond the control of the company, even though the guidance is within their control. The original plan may have been to push out results then do the CR however delays in the 3rd party labs etc have made that difficult or impossible to achieve now. They can't chose to run out of money and just not pay the bills so its possible that the only thing within their control now is the CR timing.

To say "CR below 10c means poor results" is to assume that they already know the results and are deliberately holding them back. Although that theory isn't entirely impossible, as described above a simpler explanation is that the delays have put them in a bind and they may now be forced to raise cash before results are available. This is common for Biotron because they fail to properly project timelines over and over again so a CR or two during trials is very common for them. Nothing new here and not necessarily indicative of outcomes. They did a CR two months before results in 2018 for example and that worked out nicely for those that participated in the CR.

I'm not arguing either way as to why they are doing what they are doing, who is responsible or how it will work out for shareholders. I'm simply explaining that the sequence is "not necessarily" part of a plan but mere necessity due to poor planning and not in any way indicative of outcomes.