It is disaster written all over it It is not adding 8M shares over and above 200M or 4% , but selling these 8M at $3.70 gross or $3.50 net, is the disaster. Now company is saying my shares today is worth $3.50 while closing price is $3.99. So instead of expecting good bounce at the closing price of today because quarterly results are so good, now my shares value will b reduced by another 10% tomorrow.
Surprisingly management didn't know that they need cash when they bought 59K shares at $4.85. A month back management thought it's share are wor5h more than $4.85 and today management think it's share is worth $3.50
it is time management show some decipline instead of recklessly raising fund and punishing existing share holders.