I do agree with you that there is a 'smoke' if not fire yet. Regardless of timing, though, if BOD approves 5 million shares we have to see if they actually got any. It's one thing to raise the OS as a shelf but another thing allocating them as an option or otherwise private placements. I have not see the later part yet.
Until they are actually issued, the total OS is still ~47 million.
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