This is all spit balling of course....but if they raise enough money to retire the loan with enough left over to satisfy Naz requirements then this is how I would see it playing out.

If they go for a Naz listing I would expect to see a PR announcing that they have submitted a formal application.  Then assuming this hypothetical application were to be accepted I'd expect a PR to that effect announcing the new ticker symbol and the day on which shares would start trading.  

I'm reading what I can on this and came across a Canadian biotech that only just up-listed to the Naz in April of this year.  Interestingly their PPS was less than $4 USD when the stock moved to the Nasdaq.  The company is Dyadic, Naz symbol DYAI....its now trading around $4.50 USD.  

If things move reasonably quickly I think they could get it all done in advance of the release of Top-Line results....How about getting on the Naz on July 22, then announcing Top-Line on the 24th....I pick the 24th of July because its my birthday :-)

One step at a time though....let's see how this share offering plays out, then its further down the rabbitt hole if they raise a signficant amount of cash.