I think his question isn't "why buy the offering, but why the selling?"

My take is that some people are selling at .58 -.60, using that money to get the same shares at .70 and the warrant that they can exercise any time in the next 5 years for .95. Many may even sell the shares and just keep the warrant. You would basically have .12 out and realize a profit if the SP goes over $1.07, so theoretically you could have more leverage if you are long-term. And if you waited until the SP was back over .70 you would have the warrants for free and no money out.