Is board inexperience being shown dragging out trying to raise?,...

Is board inexperience being shown dragging out trying to raise?, should just price it low and get it done. Delaying trying to raise at a higher price with liabilities building risks receivership. They have already stuffed the capital structure of the company with the 100:1 why stop now.
Or perhaps it's just a case of no one being interested in throwing more $$ down the MS shaft.