I understand that it doesn't make a difference if the company continues without financing. I have seen companies increase the A/S and issue a large amount of restricted to its owners prior any mergers or agreements to prevent takeovers.
Hopefully they don't continue the same course and those restricted shares end up entering the market. That would definitely force the company to do an RS.
On the flip side. If the majority of the current float is restricted I highly doubt the company will do an RS any time soon.
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