You are right. But a 20-for-1 at todays price is 2.50ish per share.. dumping 285 million would be $720mil+ .. They don't have that kind of debt.. So it comes down to whether you believe they really want to grow the company or whether they want to cash out all their shares by diluting much more than they need to.. I think most believe in the former.. I think what really needs to get determined is how much debt is really left out there.. Then you can at least calculate the worst case scenario for dilution..
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