"Management has stated it feels issuing shares at such a low P/E will not negatively impact shareholders going forward."
I don't blame you for reiterating what management has stated. However, the above statement may give the impression that management has limited abilities as far as financial analysis is concerned. It is an uphill task to achieve that objective when you issue shares at a p/e ratio way below one. I think most rational posters will not trust such an assessment.