I agree. They also know this. The raise in AS was never for further dilution. That's pretty much common sense. If this was about further dilution he would've RS with a lot of pump so he could sell CDs. Raising the AS still dilutes, but more puts things in line for a JV.
Even if he could just sell CDs the conversion price would be 00005 (half of T1). This results in less than $300k. For anyone thinking that number moves the needle enough for him to take the $ and run I suggest they take a deep breath and allow commonsense back into their lives.
Net-net I see this as more likely good news than bad. Is that speculative? Of course. But there's more info supporting that than there is that this is just a way to sell shares and keep the lights on.
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