You forgot to mention that the guys who have already spent...

You forgot to mention that the guys who have already spent millions on factory and producing initial stock are also putting more money in. However, this time they are getting share of the company.

IMO This placement idone at a lower price is for benefit of EM. This is in return for the investment they did till now without return or may be for some more favours. Fred is not investing too much. Looks like he wants to keep his % same and not increase it after this dilution. He stopped buying shares since last year to avoid scrutiny regarding insider trading.