I'd say it's got to do with the change of their consolidation...

I'd say it's got to do with the change of their consolidation ratio and the drop in price from the face value of $10million to $7million. It was 70:1 and now 45:1

The discount price of $7 mill is not really a discounted price IMO but just a shuffle.
If you look at the original performance rights offer they said they would offer 52.5 million performance rights to Shareroot management.
Their next announcement says they will be awarding 120 million performance rights. Why the change? I'd say to give current management a little more of the pie.
To put these performance rights in perspective, they are offering themselves 120 million shares post consolidation. The amount of shares currently out there on a post consolidation basis is 40.6million. So basically three times current market valuation plus any rise in the share price.

If I'm wrong please say so, these are just my workings and not necessarily facts.