You guys are all wrong it does not matter what the O/S is. It matters what the FLOAT is this is what is being traded. You can have 5 billion shares O/S and do nothing with them. You keep extra O/S in case you what to BUY something to exchange shares for shares. ie. another company just like the last company. In case you do not have the money to outright buy them. The real question is why issue more?? merger or buy. They are giving you clues. Think about it GUYS.