I've said, for more years than I can count on my fingers (and I haven't lost any of them so far) something like:
"I don't know if Wave the company will ever finally succeed or not, but I fear that if it does, it will be without the current common shareholders. I fear it will be after massive dilution, and then nullification"
I've seen it far too many times. Experienced it first hand too many times.
Dig's rocks have been in sight for a good while. The captain steers towards them, and the celebrity, influential shareholders cheer him onward.
A ride back to land in the little, uncomfortable life boat is a far cry from drinking umbrella drinks on the beach of a luxurious tropical hotel.
Still utterly amazed at the folks that still, to this day, THANK the cult leaders for keeping them invested. Huh? You've lost almost all your investment and you are thankful to those that talked you into keeping your position through this?
D&O
"Rocks ahead. Rocks directly BELOW!"
ONWARD!!!!