I understand what your sentiment is, and if they can come up with a working chip selling the company is the best option.
However 2 things.
"The principal reason to care would be if you want to issue shares and raise further capital that way." No, there are actually legal obligations on the members of the board and office holders to disclose all pertinent information to shareholders, whether you care about them or not. Even if the board gives no care for shareholders, the Corporations Act is there to protect their rights.
"why would you tank your stock and practically invite the ASX to suspend trading?" None of this was within the company's control. They were unable to raise funds to guarantee ongoing solvency. It showed there was little support for their project.
They are not in control of what is happening.
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