I don't know what you're arguing. It sounds like you think that for every "unit" sold, the buyer is getting 2 shares, but that's not how it works. KBLB is selling $10 million worth of UNITS, not shares. Each unit bought consists of 1 share, plus a PURCHASE WARRANT, which gives the buyer a right to PURCHASE a 2nd share at the same price. But KBLB & Maxim are setting the offering price for each UNIT sold.
It doesn't get any more clear than the red letters there.
If the post-r/s price is $7, they can still choose to set the unit price at $5.25. The offering price is in no way directly tied to the current- or post-r/s price. And the offering price will be below the post-r/s price or there would be no buyers.
<< They are getting the stock and a warrant. If you were to offer me a stock and a warrant for the current price of the stock I would take it in a heartbeat. >>
They won't be getting a 2 for the price of 1 deal. They will have to pay for both.