absolutely not. Never a bad thing when the options are priced well over a stock price but never a good thing when management pigs out on options at a depressed level. This could bottom now but it would be because of undervaluation.
I'll put it this way, i'm watching this looking for an entry point. I was considering entering at .205-.21 but now won't buy unless its trading under the option price. I may get shares, it may leave me in the dust but i will not pay above 20 cents now. If management can have no risk options i want a discount, you should too