No. When I used the phrase “efficiently raise capital” I mean making the optimal decision at any given time, given the circumstances and the strategy. Which do you think is more likely: (1) Lombardo started negotiating licensing deals that either fell apart completely or are still active but could not be finalized yet, so he was forced to dilute until it is resolved, or (2) Lombardo spent the last seven months drinking coffee, waiting until the stock was sufficiently low so that he could offer shares to screw shareholders as badly as possible. Clearly (1) is most likely. Meanwhile, if he had offered shares last summer at 7-8 what would you and many others have said? You would have gone completely ballistic, asking why the idiot didn’t even TRY to raise non-dilutive cash. Obviously what happened here is that a deal did not come to fruition (yet) as hoped, so they had to adjust. Shit happens.
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