I find that even more galling; the lower interest rate is there...

I find that even more galling; the lower interest rate is there if they get shareholder approval. That's appalling - that should be the base rate of the offer irrespective of shareholder stance. It can be argued that this is a financing mechanism that avoids further shareholder dilution.

But if I was running the business, I would have gone to my shareholders with a value proposition;

• a demonstrated R&D/investment runway with meticulously modelled forecasting
• and ROI KPIs (including management penalties on bonuses/income if not achieved)

...that then informs shareholders as to why this is a solid investment, and not some pissy means of financing ongoing operations because they don't think they can get to breakeven.

Management - do you need assistance with managing your way out of a paper bag? Let us know.