The offering price is now $5.15 versus $7 for a "unit." The warrants wouldn't have sold for $1.85 on the market, so this is a reduction in price with the increase in RS ratio. The amount of stock is now 1,553,398 versus the previous 1,142,857.
The RS ratio is "assumed," the target seems to be a $12 PPS after the RS is done, and when the offering hits the market, the PPS will be $5.15... over a 50% discount... To be clear, they're not "fixing the PPS" at any particular value, they can't, and given that the RS is still called "assumed," they may change it in the next couple days. The underwriter's clients want a very big discount.
They are still non-committal on "use of funds," too, with the exception of rewarding that lender from earlier this year with a windfall repayment and another loan re-payment. The $200k per month G & A will probably consume most of it.