While the additional share offering is probably not a great thing for B6, I read the filing slightly differently. The 15% -> 12% change just means that LH can still have a director on the board based on their holdings, despite the dilution. And there is no time limit on when LH can nominate that director.

B6 is using the shares as backing for the re-fi of the debt that they have coming due this summer. If that doesn't go through the cash crunch is back little more than 9 months after the LH deal supposedly delayed it for the foreseeable future.