Is that the real reason behind Staffing 360 Solutions, (STAF) downfall in the premarket?

Staffing 360 Solutions (STAF) shares plunged -29% to $0.66 in the premarket today after it ‎announced the pricing of an underwritten public offering of 4,188,405 shares of its common ‎stock, previously announced for $0.60 per share, for aggregate gross proceeds of ‎approximately $2.5 million. The underwriter has also been granted a 30-day option to ‎purchase up to 628,260 shares of common stock for the public offering price, less the ‎underwriting discounts and commissions. Under normal circumstances, the offering is ‎anticipated to close by December 29, 2020.‎

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‎The Company will redeem all of its outstanding notes due September 30, 2022, with 75% of ‎the net proceeds from this proposed offering, while 25% of the net proceeds will be used to ‎redeem all of its Series E Preferred Stock.‎

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The sole book-running manager for the offering is H.C. Wainwright & Co.‎

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