JW has proved time and time again he isn't bothered about the amount of dilution or debt he gives the company as long as he's king of the castle. The debt means his castle is built on very marshy ground atm.
Here's a story
I spoke to him at an investor presentation (December 2018 I think)
He told me to my face he was disgusted at the previous CEO placing at a discount with warrants and he would only raise at a premium in the future!!!