Yep, but he may have been out of cash!
Imo, from Peter's perspective, he probably feels he is on the cusp of success and survival of the company, at any cost, is required for fulfilling the plan to build and sell GTM automobiles.
(I haven't seen any evidence that his plan, all along, was to just sell stock. At the end of the day for us, there hasn't been much difference so far, anyway)