PoeticLicense: The cash in the bank is a nice surprise.  I thought the desperate offering was a sign that they might be close to going broke, but fortunately I was wrong.

Actually it didn't surprise me that they still had money in the bank, because it would not be reasonable to start seeking for fresh money only when you are down to zero, but you should do so already when you fall below a certain low-water mark.

PoeticLicense: So why tank the share price for cash they do not desperately need?

Yes, that's the question! Why had they not retracted the PO when they saw the share price tank? I don't know. Perhaps they fell prey to unfortunate conditions, perhaps they had to realize (or were given the impression) that they wouldn't get better conditions at a later time.

Anyway, the need for cash to resolve the epitaxial wafer supply issues was immediate, so they needed the money urgently, had no option for a later time, and couldn't spend their remaining working capital on it.