Ann: $15m successfully raised via an institutional placement, page-48

I don't understand why they made this decision, what's the point of giving away shares for free when you need the money?

The only reason that comes up to my mind is that with the in specie distribution every holder gets some ITech shares right? So all the management, having axe shares, gets directly free shares that can sell and make an instant profit without having to worry about disclosing any information.
Greg English has 8997618 shares = 400k in itech shares

Mohammad has 2600000 shares = 115k

They can do whatever they want, it just looks silly to do a SPP just after doing an in specie distribution