I'm not sure either of us know enough about this, but I was always under the impression that nothing prevents Maxim or others from shorting (unless specifically addressed in the contract) when an offering is about to occur. So let's say you're Maxim. You know Sint is aiming to make 4 million at .25 per share (16 million shares). You short 16 million, knowing once the offering price is announced, the stock will take a hit. Voila, in 24 to 48 hours you just made 1.6 million by buying back at .15 + you're still getting the 7% from your contract with Sint. I'm sure there's more to this but that's the gist. Maxim has the upper hand here because they know what management is thinking well before other investors do. Perhaps they've been shorting all along, obviously at higher prices and perhaps when the actual announcement occurs, they only need to short 5 million more to reach 16. I don't know, but I have actually seen contracts where the lender agrees not to short or sell shares (if they themselves purchased the shares and paid the company in cash for them) for x amount of time, usually six months after everything's been signed.
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