The evidence is that uncapped offerings are bad for investors but possibly good for "management".

So what did they do?
The offered investors something that was pretty much guaranteed to be bad for them, whilst giving themselves the possibility of lining their own pockets by raising a lot. Why?

Everyone know that uncapped sales have not worked well for investors, so we must ask why did they do it?

Ironically they could end up raising so little that this coin ends up very cheap.