Ann: Galena Raises $20 million and Updates Production Guidance, page-52

It is an interesting quirk of the market. If they don't buy, it looks like they have no faith in their company, but if they do obviously they are getting at a steep discount. It would be a decent policy to make directors have to buy at the prior VWAP cited in any raise (albeit I am not sure how you could implement that in practice), maybe forfeiture of remuneration to cover the spread. But yep, no downside for being an incompetent muppet unfortunately, downside is restricted to those of us that swallow their BS.