I don't necessarily have a problem with them making a lot of money selling shares prior to the merger, and they definitely made out, I'm still not sure how they managed to bring in the volume they did.
BUT they also spent a lot of money, out of there own pocket, for several years filing and maintaining their SEC documents. There was very, very few shares sold prior to the LOI, so they paid several hundred thousands of dollars upfront, without knowing if/when they would find a merger candidate.
If they continue selling shares and tank it, knowing the merger is dead though, that is BS.....that's not only just underhanded... it's illegal.
Yes, I'd fully expect a sell off AFTER the merger was officially terminated and the public found out....but NOT before, thats insider trading.
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