This amount of unexercised options for a small company represents dilution and another overhang to equity appreciation. You also didn't think SCMP needs to raise additional money, so their S3 filing must have come as a real surprise. Do us all a favor and stick to mortgages.
Why are you so confused? Look where this company is. Two possibly three product launches in Q1 2013, high rev growth ahead. If they didn't raise capital at this point I would be selling shares as it would mean they didn't have a plan. Why not take your short selling skills over to Apple. Your not going to make money shorting SCMP.