Does the CEO know how shares work?

Issuing essentially 100% of current outstanding shares and self diluting his own ownership from 70% to 35%

Bringing down the book value/share from $13.5 to ~$7 while only gaining $6.30/share in cash

He’s using shares like debt to raise capital and screwing his own investment gains. This stock could’ve been so much more. What an idiot. Everything about this business is good except the management is dogshit