Price isn't firm. Range is 3.00 to 4.00, 3.50 is just listed midpoint, however, it does show confidence being above current market price. Also, with all that is upcoming (namely Q3 report) it is certainly possible the price ends up being near the upper end of the range.
If I'm an investor and I want to own 1% of the company (roughly 180,000 shares) and I own zero shares today, how am I going to get that 1%?
Do I start buying on the open market?
Or am I content to buy a chunk of this offering at $3.75?
I think the cheapest way to get that 1% is to buy at 3.75.
Now consider that about 15 or 20 people want to do the same - get a chunk!....and the only way that happens is via this sort of offering and the company has ALL the leverage to get a price in the upper end of the range.