I'm not sure I follow you're train of thought... The SPP remains open for those who would like to participate, it's simply not a condition of the proposed merger now.
Likely there wasn't enough interest in the SPP due to the languishing share price below that of the offer. However, the annoucement also states that Mach7 received record interest at the conference in Chicago (where it was announced that another client was signed). Management would not push the deal through if they felt Mach7 would not provide the revenue expected, likewise, Mach7 would not agree to sell the business for 3dm shares if they weren't confident the share price would hold. The reduced capital from less interest in the SPP reads to be offset by increased interest in the Mach7 product from prospective clients.
For me, this provides the best of both worlds. Assurance the deal will go ahead subject to SH vote (despite day traders keeping the price down), and less dilution if less new shares are issued.
3DM Price at posting:
7.3¢ Sentiment: Buy Disclosure: Held