This is not a day to day stock price issue. This is constant erosion over several months.
Frank's objective is to make money through share price appreciation. That means credibility with investors.
And Frank may very well need to dilute. The company is undercapitalized and stock is currency. That means that Frank will lose the dilution option to raise capital if his stock price falls to insignificant levels.
If you went into private business with a partner and invested your money, wouldn't you want to be informed? I do not see how investors are being informed here. I do not know what you mean by "private investors" Everyone is in the same boat.
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