They had over a billion shares O/S when they did the R/S. They had no funding in place except for selling shares. Don't see what other choice they had back then. They needed to raise money to close the ENHD deal. That was the make or break moment for SIVC imho. If they didn't close ENHD it might have been the end for them. Close the deal and new doors start opening to the big leagues.
Notice how within four weeks of closing ENHD someone stepped in and funded SIVC for 2008. Would they have gotten that funding if they didn't close ENHD?