Dilution is dilution. Right now there are no profits. What do all these outstanding shares to the price? How many companies do we aquire before we show a profit? How much aquiring needs to be done before Paperclick hits the market? Tons of questions - no answers. I'll make my decision based on what I see about Paperclick from now until June.
I think your theory on a stock split is not even considerable. If they were to do a stock split it would be an RS to raise share price to gain NASDAQ listing. This would require less shares not more.
If they do a normal split that would increase your shares you hold but lower the pps. I cannot see them doing that and trying to get relisted at the same time.
it is quite clear they need more money from Cornell. lots of pumpers here kept saying (hoping) the 2005 SEDA would not be used:
NeoMedia expects to file a registration statement with the SEC during 2006 to register the shares underlying the $100 million 2005 SEDA. The 2005 SEDA would become available at the time the SEC declares effective a registration statement containing such shares.