It wasnt expected to be that bad, to be honest. Even several months ago it was expected to see less shares dilution. So its not like they dont surprise in negative way.
On general note indeed you are right. On the other hand, the devil is hidden in details...
Let me say this one more time. Nowhere did the company ever disclose that all those shares would be sold into the market. All they ever said was that they settle debt with stock. On top of that we had this nonsense from Chad that they also repurchase shares from time to time.