The company apparently has fallen on hard times, with over half of its staff leaving in the last 18 months and having accrued a debt of $1M. So far the company has had no luck finding a buyer even at such a low offering price. Both LiveUniverse, a “network of entertainment Web sites”, and Microsoft’s Soapbox (i.e. MSN Video) have considered buying Revver but neither has bitten.
Is Revver on its last legs? It sure looks like it. Let us know in the comments if you have any more information regarding their situation.