I'm not a legal person, but I agree the actions of the board...

I'm not a legal person, but I agree the actions of the board have been despicable for a very long time. Gross mismanagement at best, criminal at worst. They should have had a much better idea of their cash requirements to bring the product to market, and raised capital back when the SP was at a reasonable level ($1.00 or higher), to have sufficient cash on hand to reach the ultimate goal.

As for the current SPP - once you get your money back, you can buy twice as many shares on market now, if you want to, so as to avoid dilution of your holding. I'm not convinced this is a good strategy, but if you want to avoid dilution, it's easy.

They are perfectly entitle to return the cash once the SPP fails to meet it's goal. Personally, I prefer that, so now I can decide whether or not I want to buy on-market - but only AFTER we hear about Mr. Bowtie's latest jaunt.