Raised capital and fostered cash. They chose to do neither. Why not?
Why not? Because they have a whole stack of "Get Out of Jail Free" cards. They have never been held to account yet, and so had no reason to believe they ever would be. HAD no reason. And probaby still HAVE no reason.
Until/unless I see a proxy vote that pleasantly surprises (the life out of) me, nothing will change other than that the ATM price will get cheaper and cheaper, and dilution greater and greater.
D&O