RE:On going dilutionI disagree with the statement that "capital raises are never a winning situation for shareholders".
Why do you think they call it "capital markets".
They allow companies to grow without adding debt that they could not service. As long as the company is growing and the successive raises are at higher and higher prices, the initial stock holders are advantages, not disadvantaged. Especially if the capital serves its purpose and helps the company grow. Do you think early investors in Tesla or Amazon were botheeed by later capital raises at 100 times their entry point that allowed the companies to grow and grow?