Just a dumb question if CXO have so much money in cash and so...

Just a dumb question if CXO have so much money in cash and so much money coming through sales then why did they offer shares at over 25% discounted rate that wiped out loyal shareholders hard earned money. We all are suffering huge losses due to surprise credit raising that made the share price at its 52 weeks lowest bottom. Share price would have been trading way over 80-90c had they not done credit raising. For generating 111.4 million dollars through credit raising they burned over 800 millions dollars share value. Who would burn half empire to buy a small yacht? CXO board will enjoy this yacht ride leaving loyal shareholders to suffer from those burns.