This lowered amount does seem like a good thing. It either means:

A) The company does not need any more funding for the near future

B) The company does need more funding but expects the share price to be higher in the near future in order to minimize dilution

C) The company does need more funding and will put another financing together for the remaining $1.5M. I don't think this is likely since they didn't immediately open another financing today.

Regarding the black out, I do think Ernesto is blacked out. If that's the case, the reduced financing amount must be a decision made by the company since Ernesto is privy to insider information. As Prospekt said, I don't think Ernesto is likely to turn off the taps this close to the end game.