I agree, Easy. The only reasons to offer shares at this exact time would be (1) to allow the shorts to cover; (2) to protect against the possibility of not having enough shares in the future if the shorts tank the price further; (3) that for some reason they thought dilution was preferable to giving away rights at the price offered thus far. The fact that it doesn’t make sense to dilute at this time forces you to consider alternative motives. I don’t buy the premise that management is simply trying to screw shareholders and the company; it makes no sense to me. But I digress.
I agree this was a last resort. My issue is it looks like they gambled. They were probably so sure they would strike a deal and dilution wouldn't be needed. In retrospect they should have diluted 3m shares at $8 while negotiations were taken place. That would have been a good hedge. Now they are desperate.
I also was of the mindset that dropping below $5 was factoring in the inevitable of dilution.
What would happen to share price if AXAL is denied by the EMA?
What a mess. I haven't been able to comprehend how bad my situation is. For all those you believe in our Lord, please include me in your prayers. Thank you.
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