Aside from companies just not generally understanding the value of a low common stock valuation? They could mistakenly believe the low common valuation will impact a future funding round.

The value can creep up over time, and then companies try to avoid the perception that the common stock would ever become less valuable, so they also might try to keep it rising.

Or perhaps more dubiously, they could be quoting stock option grants in terms of dollar value of the strike price, and want it to look higher for the same number of shares. In an offer letter, which seems like a larger/better grant; 10,000 options at a $3.80 exercise price, or 10,000 options at a $0.38 exercise price? You will almost never see a percentage value quoted, and I've heard of some companies claiming the total share count is not even public information!