Enzolytics Inc (ENZC)

[foxi]

Bottom line is there would likely have been hundreds of millions and possibly over a billion shares sold since October 2020. This isn't dilution by way of creating new shares, but that many shares entering the market for the first time (from being flipped to Unrestricted and sold by original owners) could certainly have a dilutive effect. Supply squashing demand.

Also unless I missed something, there shouldn't be room to do many Series conversions since the company has nearly exhausted it's Authorized Shares (A/S). ie hoooopefully most of the dumping is over now, assuming people with hundreds of millions to sell already did all that in 2021. Might be a few still holding a sizeable core of unsold Common.