Dilution is not necessarily bad, in fact, it's great if the company is making money and growing. But for an impoverished pinkie to go on the wagon with respect to new share issuance doesn't make any sense if they were legit. Why not just go private instead of spending money for the benefit of the public shareholders?
In my view, there's a simple explanation for this that does not include the control owner's eleemosynary intent.
Encyclopedia of DD Procedure for Recycled Pinkies:
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