Pre RS ~3M OS (generous, actually 2.4M OS or so) Post Offering 14.5M OS
So the retained value post dilution is only ~20% of the whole now.
20% of $3/sh pre RS and RS dip would only mark 60c value, if one would simply claim that the offering cash just evaporated and biz is the same as before and they still need a cash injection due to negative working capital.