Applied Blockchain Inc (APLD)

[KingsKnight]

Anyone have thoughts on the Share Issuance?

From latest PR, "The company has closed on a $16.5 million equity investment lead by institutional and accredited investors. The company sold 660,000 shares of convertible preferred stock that convert into 132,000,000 shares of common stock upon registration. This represents approximately 31.2% ownership of The Company. The Company expects to use the proceeds from the offering to procure GPU mining hardware and for general corporate purposes."

So if 132M Shares = 31.2%,
423M would be total O/S at the point this transaction fully registers?? Of the 68.8% remaining, the current share structure only has 9M O/S, or 2% of the whole when this completes. Can anyone shed some insight on how this issuance may affect things going forward?