The first offer wasn't rejected, they didn't have the money on hand at the time. Between the first offer and the second they got investor funding together and the cash on hand dwindled, so the second offer was with cash to cover the offer and some to cover running the business between acceptance and closing. After the second offer the board released a statement saying it's this or liquidate the company, so they went with this because it's the best outcome for everyone with the current state of things.