My original post quotes Roman516 using 1 billion shares. Not sure how much clearer I can be.
I never said all C shares will be sold. I said that since they authorized them and started selling them, that you should assume that when they increase the share authorization, it will include all sold C shares, 0 - 10 MM (up to 250 MM common shares). So the increase in authorization will be up to 1.5-1.75 Billion shares, from 1.2 Billion currently. (With 1.5 not even covering current shares outstanding or convertible).
In addition, you should assume that they will increase the share count enough that they can issue common shares after the price theoretically jumps due to the journal article or approvals, since they flat out stated they would do so in the loan docs from last year. And once they do that, the lender will be allowed to purchase discounted shares as well. It is therefore reasonable to assume that they will authorize an additional 250 MM shares or so in order to raise cash, enable the lender to purchase discounted shares, and continue to issue stock options/warrants/shares to executives and board members. When they increased share count in 2019, they did not simply raise it to cover existing shares outstanding so there is no reason to think they would do so this time.
Thus we get 1.75 - 2.0 Billion shares authorized and reasonably 1.75 Billion plus shares outstanding as of January+ when UK approval occurs.
My last paragraph was simply noting that Roman's claim that FeMike was off by 25-40% is wrong because FeMike is using a low number for the current shares outstanding much less the total number that will be outstanding months from now.
