You're right... I was looking too quickly at the deal. However, they are obviously vetting these investors.
In addition, the Company reserves the right to cancel or modify this Offering at any time, to reject subscriptions for Series B Preferred in whole or in part (due to questions about accredited investor status or otherwise), and/or to waive conditions to the purchase of the Series B Preferred.
The fact remains is the vote is going through... if you are long, do you double up with shares and warrants... or not?
To me it reads like they are offering the shares to those longs who want them, and no shareholders can say later that they didn't get offered the same opportunity as those share holders involved in the $12 million raised in the last funding.