The issue is one of probability and risk/reward. Since the company's only avenue for working capital is the markets and the funding keepz getting more and more expensive for existing shareholders - the likelihood of them doing so (or long term shareholders making money) decreases exponentially and the risk rises relatove to the reward.
If mgmt does not understand this basic premise (or worse yet - ignores it) - they shouldn't be a public company. One is being incompetent. The other can be criminal.
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