Just a matter of timing in this case IMO. If you are going to...

Just a matter of timing in this case IMO. If you are going to give someone something at a discount they are well within their rights to sell the same amount or more, at a higher price, with the expectation that the subsequent sales will drive the price down. Actually it could be seen a good business. Remember one of the cardinal rules is not to get emotionally attached to the stock.
Not all rights issue are like this. I bought PBG @ 18c a year or so ago.(have to go over my paperwork to give you the exact date) and the price rose back over $1. They did cap raising at 60cents with the price in the 90's. Sold out at about 1.40. Just a matter of timing and sentiment, not an indictment on the company.
And any drill is pretty risky, so selling at 10.5 and buying at 10 is an excellent strategy to reduce the liability a bit.

Seriously, now is not the time to get jittery, if this little drop is fraying your nerves, best become religious and pray for a successful drill.

in a couple of weeks we will know either way!