What you said is true, however a couple of points to note
Share issue was for non-cash consideration as well
While the share issue did not dip down below 1c, you have failed to take note of free options.
In my opinion, in a state as is as of now, it is sensible to raise cash through equity than to go for a monstrous debt that we ERJ may not be able to service in future.
some info, page-21
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