With signed contracts there are better ways to raise additional capital IMO. Especially if the shareholders are hurting, your reputation as a CEO is on the line, and your partner is a toxic doof.
Although I agree with you in a general sense, here there has already been massive dilution that has sent the stock from multi-pennies to triple zeros. No matter how much Revenge may need the money, if they don't let this come up for air, it will drown.
Another round of dilution too soon will kill the stock and seriously hamper Revenge's ability to raise money through stock sales in the future.
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