That’s quite the overreaction to the offering. I expect a recovery especially because of how low the volume is. It was not ideal to release an offering on a Friday during a bear market but they almost certainly needed the capital to make the tests and associated profit.
It should be a 20$ stock with such a low market cap and float.
Price action can be explained by an offering that is 20% of this company’s market cap and likely over 50% of circulating / traded shares.