I have to agree with Dianne on this one. It says they can't have more than 9.99% at "any one time". Now that the total amount of outstanding shares is higher than when the calculation period started, 9.99% is a larger number ( The following numbers are not the real numbers in the filing. I am just doing a demonstration. ex.9.99% of 3,900,000,000 = 389,610,000. Add the 389,610,000 to 3,900,000,000 and that =4,289,610,000. 9.99% of 4,289,610,000 = 428,532,039...and so on, and so on). But, all that matters here, is IR is going to get that $2.3 million +fees no matter what. Once they get it, the dilution stops. The higher the PPS, the less amount of shares they receive. It's as simple as that.