I take your point, but it is very common for directors not to participate at all in CRs. I personally don't read much into it except when they are all in boots 'n all. That obviously a strong sign that participation is advisable, but then also can be construed as the offer price being too low, and thus more dilutive than necessary.
CRs are just very difficult in a bear market.
Ann: Listed Options Top 20 Holder Report & Distribution Schedule, page-15
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