It's what desperate companies with no alternative or relationships for raising capital do. Concern for the damage to shareholders? Not even given a second thought.
Just review the terms of the reverse merger, where Livewire gave away 40% to promoters for a $200k otc shell. Under such leadership, do you really wonder why Livewire has accomplished zippo other than becoming a piggy bank for management and their financiers & consultants?
Oh right, management arent taking salaries now. Thats after some intense scrutiny & embarrassment from myself and others how they were taking more in salaries than the companies gross sales. Instead, they take shares now... how generous.
Ever wonder why a fund or investment bank or a strategic hasnt raised a sufficient round of capital for Livewire? Ever wonder why their capital raising is limited to minor amounts of funds by passing the hat or through toxic deals? It's because they lack the management pedigree, the right product, the right product economics, the ability to penetrate an already saturated market etc etc etc.. Nobody with a modicum of investment sophistication is going to hand over $5-10m to this group.
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