You’re the one misreading. The sale price for the units was indeed $1 (actually $0.94 after deducting the underwriter’s 6% fee).
The Series-A and Series-B warrants are currently out-of-the-money. If the share price rises above $1 and these warrants get exercised, a unit holder will have to fork over $1.75 per unit to obtain an additional 1.75 shares (1.0 shares from the Series-A warrant and 0.75 shares from the Series-B warrant).
You can use Black-Scholes to estimate the effective share price that underlies the pricing of the units. No matter how you slice it, the selling of these units was a highly dilutive transaction for a stock that was trading at $1.09 prior to the offering.