"Mind you who in any real terms sells their shares down in spit...

"Mind you who in any real terms sells their shares down in spit to lose money"

The answer is someone looking to be allocated far more shares than the sell down cost them, at a much cheaper price when cash is again needed. Basically saying to management that the new shares will go to them when the yearly allocation resets, not retail. Less dilution I guess, or someone that wants a stake but knows the volume isn't there at the current price or lower. Remember the last raising was over subscribed on that side of the equation, but was limited to around $300k.

I would also note that the amount of shares required to sell down is often not as many as it looks as they use tactics to push retail into dumping their shares / panic / etc. Retail often do the job on someone else's behalf. Their will be done.

Call it a conspiracy theory if you like. But it happens all the time in many stocks, especially at this end of town. Once the games play out we can move on. Best scenario is we find a different way to come up with some cash, be it Lochinvar or loan.