If I had to venture a guess, and I was not at the meeting so I could be way off, at this point its not about the money, its about getting by until they hear from FAA. I am guessing the thought is to try not to issue shares to limit dilution until they really need it to limit affect on the share price. If they would take the money, there most likely would be an affect on share price. Then, when they really need capital for something, price will be way lower and they will have to issue many more shares for the same amount if they did not dilute.

IMO