Because they booked this deal at 40 cents. this strategy of only raising what you need when you know you will remain silent for months and months is proving to be a terrible strategy. We would have been better served if they pushed more Cs when the stock was trading 80+ cents.
Look at the Q for Q1. They sold a little over 300000 Pref C's (aka ~8,000,000 common) at an average common price of $0.47/share throughout the quarter. Look at the market prices during Q1 of this year. Not once did the stock price get down to $0.47 and it was probably higher than $0.55 on average. Why is nobody in an uproar about that?
Outside of this being a small potatoes institutional investor, there is nothing unusual or atypical at all about this financing.
ETA: I agree with the bolded part; just saying, not sure why the uproar all of the sudden
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