"...The only reason I can think of is an unfriendly buyout offer."

Pavel, I was thinking among same lines, it is puzzling that company went thru almost half of their ATM without clear explanation.

One thing for sure, LAC is actively negotiating with possible partners and trying to protect itself from take-over. It is common practice – “poison pill”.

“A poison pill is a defense tactic utilized by a target company to prevent or discourage hostile takeover attempts. Poison pills allow existing shareholders the right to purchase additional shares at a discount, effectively diluting the ownership interest of a new, hostile party.