I can only make sense of this decision if the board wanted to...

I can only make sense of this decision if the board wanted to raise the capital as quickly as possible in order to build out capacity and secure vendors given a large and impending order book and showing they have the capacity to fulfill orders.

Debt may have taken too long to organize with approvals etc needed from credit committees and with potential deferred interest.

If this cap raise is followed by a quick succession of orders then the logic of a quick Insto only raising at a discount priced to sell may make sense.