Except that you have a classic example of curcular thinking. 50m...

Except that you have a classic example of curcular thinking. 50m market cap, 50m new units, dilutive new price 9 cents. But 5m spp proceeds div by 500m shares = 1 cent per share. 9+1 = 10. So no price drop because of dilution, in fact it is very good for value per share if you do crs and spps above share price.
The SPP can only be considered bad if your personal opinion is that the value is much much higher than 10c per share. But 45 vs 50 is still very bullish. No, he is out of luck if he expects the sp to drop to 8 because of the spp. Fait accompli. Apart from new factors.