It definitely means incompetent management. If they had known they needed these Series E warrants to get hedge funds to invest, then they needed to say at the outset that they were raising share count to 2 or 3 billion (which is ridiculous but not unheard of). Then perhaps they could have possibly raised most of the money they would need for the year before doing the RS. Right now, it seems the first 500,000 shares to reach a billion are being spent less for advancement of Chemostat than to appease hedge funds by fattening their tummies a little.
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