I understand the sentiment and confusion for some people, but I...

I understand the sentiment and confusion for some people, but I think they are the only ones looking this closely are the current holders.

My thinking is:
This isn't a blue chip stock that has hundreds of institutions and traders looking into its financials daily and trading based on current value v market cap.
This is a speculation stock so 'valuation' and 'market cap' only mean so much (i.e. can changes significantly overnight). It is the potential for growth that drives the price.
The potential for growth hasn't changed, so management assumes the share price wont either..

another way to look at this is it rewards the optimists/long term holders out there...
Maybe the share price goes down and you don't get as much value as your would have if they paid cash....or maybe the share price goes up and you would get more than if they paid cash - if you want the safety of cash then sell your shares

either way management own over 25% of stock so they are along for the ride (i think maybe they did this as they do not want to pay tax on their massive dividend payment).