I don't actually think the board looked too far into the selling...

I don't actually think the board looked too far into the selling either, if they did it would have been very easy to see who was and who wasn't. The very low amount of volume that caused the decline tells more of the story.

I think it was a few loud voices behind closed doors that might have gone something like "fix this or we will"

The unfunded strategy certainly was a factor, as these voices are obviously the most concerned about dilution. A problem i feel race has always had is playing small, and not spending a little money to make money or considering how much time / opportunity cost.

Ive seen many businesses, usually when owners are running it, or the person in charge has a lot of skin in the game, they play from a scarcity mindset not a scale one. Sometimes you just need to go hard and get some momentum which i felt was exactly what was happening.