Grapefruit USA Inc (GPFT)

[hawkeyes8]

Anyone shed any light on this ? This is an excellent question...

Do you think the heavy drop off has anything to do with the 250 mil extra auth shares added, or atleast approved by the majority shareholders (not us), on 10/8? That would take authorized shares to 750,000,000. I know it's only an authorization of shares, but considering there's only a third of that total outstanding right now, that seems like an unreasonable amount to increase it.

The rationale for the increase was to allow for raising additional capital in the future. I certainly don't want the company to run out of money, but at the current price I don't think this stock can take that kind of dilution.

They even state the following in the filing:
"Increasing the number of authorized shares of the Company's common stock, and authorizing preferred stock may, however, subject the Company's existing shareholders to
future dilution of their ownership and voting power in the Company."

I thought I was getting a deal at these prices, but maybe not. Please someone tell me this is nothing to worry about.

GLTA