No, by no means was it.
A R/S that was made to continue to find R&D was a strategic move IMO.
Sure investors at that level got caught up, but that's what "risk" is when investing at the beginning or even the middle stages of an R&D company!
Ya see "rewards" come when that company has already done a R/S and float, OS, and AS are still low AND they are in the MANUFACTURING stage!
So no their R/S was not the wrong direction but a strategic and necessary evil while doing R&D
Go WTWO!