A large part of the value was lost by dilution. Obviously it would be preferable for the number of shares to drop due to their actual destruction but that becomes difficult with such a large number on offer as their value needs to be swapped for something else of value.
I don't know a better solution. I agree with you fundamentally, but it is a hard mess to clean up.
All I'm saying is it appears to be an attempt to make something right with investors. Whether it is or not, time will tell.
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