I definitely understand your point and see both sides of the story. I think they thought over time that news was going to appreciate the share price. Specially the acquisitions of MS Precise and ESS. When in turn it did the opposite because they needed more time. I think acquiring ESS put a lot on hold and pushed timelines back on other assets.

They did state the the extra billion shares would be used for acquisitions. But I see a few spots where things didn't pan out the way management wanted them too