What you suggest isn't a problem. The company's doing a Reg D, Rule 506(b) offering. Rule 506(b) provides that a company can try to raise as much money as it wants to raise. Most placements are larger than $1 million but smaller than $5 million. Pershing is more ambitious. It wants to raise $15 million, and has already succeeded in selling $9 million worth of securities. Those securities consist of stock and, apparently, warrants. We don't know anything about the pricing, unless the company has disclosed that elsewhere.
It isn't a problem that they've already sold to 53 investors. Rule 506(b) provides that an unlimited number of accredited investors, but only 35 unaccredited investors, may participate. Given that the minimum investment is $34,000, it's possible that all of the investors are accredited.
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