You are certainly free to feel the way you do -- after all, the market would cease to function if every buyer/seller held the exact same opinions at all times and valued every stock the same way.
But I would offer this to your perspective:
Most stocks tank upon a RS -- heck, as you say, even the announcement or even the rumor of a R/S -- because most of the time an RS is a desperate last ditch attempt to stay solvent. So I would counter that it is not necessarily the RS itself, but the underlying condition of the company which the RS is forcing investors to take a hard look at.
But in this case, an argument can be strongly made that the seeking of approval to have the authority to effectuate a RS is to anticipate growth and to strategically position the company so as to be able to increase the likelihood of attaining its end-goal when the time comes to possibly need to do so.
As you allude to, this may scare some investors away, but IMO real investors would be able to see the circumstances under which MARA is requesting this RS authorization and see it as a bullish indicator of a growing company. I would actually go further and say that those investors who may be scared off because they think the sp will be stunted are not true "investors", but are active traders -- and as an investor of MARA, I would actually say "good riddance" to the active traders. Does this mean that I intend to hold every single MARA share through hell or high water? Of course not. Like any savvy investor, I have a core position as well as a percentage of my shares that I will trade -- not daytrade, mind you -- when predictable ebbs and flows occur (i.e. catalysts coming on the horizon, a clear over-bought or over-sold condition, etc).
In any event, only time will tell. As the next 9 months unfold, it will become apparent whether MARA has evolved to the point where effectuating the RS by the deadline being sought will make sense or not. If it will not, but MARA elects to do so anyways, then I would be disappointed and the market would likely react negatively -- and I would not blame them in this circumstance. But, IMO, unless MARA unexpectedly finds itself on the doorsteps of insolvency by next April and grabs at this RS out of desperation, I don't see MARA mgmt actually effectuating the RS if it won't help them uplist, but rather letting the authorization expire and perhaps seeking another authorization for the subsequent year when such a RS can actually enable them to uplist, which is what I believe the ultimate purpose of any RS would be for.
But as I stated above, only time will tell. GLTU and all MARA shareholders...
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