This company has a habit of giving away stockholder's equity in poorly adbised securities transactions and golden parachutes. The next time the stock makes a run, I am out before the nextround of thievery takes place.
Except that that is not the case. And, anyway, then it is not a good investment. If one has to continue issuing shares just to stay in business, it is not worth investing in it. Thus, it would be smart to get out on the run-up in prices. From the standpoint of management, it would be smart to continue getting money from new stockholders. But from the standpoint of an investor, if a business needs to bring in new inveswtments to stay afloat, it is a bad deal.
In other words, considering the circumstances, it doesn't matter the reason for diluting the stock. They are all bad for the investor.