I agree, this announcement is so appalling that if the share price hadn't already tanked to a ridiculous degree then I would have sold immediately. I can't imagine anything worse than handing out a huge number of shares while the share price is ailing and good announcements are thin on the ground. I honestly think this dilution could send this company back to the 40s or even 30s.
No doubt the Emefcy team thought we'd be flying by now and releasing hundreds of millions of shares would hardly matter. Incredibly naive.
Ann: Emefcy Second Milestone and Vendor Shareholder Understanding, page-29
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