It's simple. They misjudged their deal prospects as well as the market and were forced to give away more than 20% of the company for less than 20 million dollars. This was an open, secondary dilutive offering and not a private placement. Lets remember, they paid Dan nearly 7 million dollars in severance when let go. That's roughly half the amount of money we just raised for > 20% of the company. Let that sink in... There is zero benefit for shareholders diluting at 10 year lows. If you subscribe to some of the stuff being espoused here, then i hope it at least gives you solace that they did what they had to and there was no other option. I truly hope there is a change in course going forward. Its not over, but dang if we didn't just take a huge blow last week from the decision making and stewardship that lead to the outcome we just experienced....
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