$ONCT alright time for M&A dad to talk again considering this recent news. This offering is unexpected yet completely expected. ATM shelf’s are almost always used prior to a key liquidity event or major positive news. They are NOT emergency fundraising vehicles and the rare times that they are used as such they never work out well (so people don’t use them that way). The reason you use ATM is due to the fact that you expect a strongly supported (or rising) share price so you issue shares at the current market rate since it is highly advantageous. Most ATM’s only result in a short term 1-3% drop in SP and often times that literally only lasts a few days (if at all). Happy to answer questions. Background way back in the day was healthcare M&A at Houlihan so yes this is a topic I know about.