I'm not sure. I think the SEC restriction is for the selling/issuance of new shares (but the SEC document didn't have a lot of details) which MacKay was most likely counting on using for some of the financing...but I'm not 100% sure since I'm not a SEC or corporate financing expert.
Anyway, the important part of the SFLM press release is that MacKay plans to execute the business plan regardless of the restriction.