Correct. Everyone needs to understand that 900 million are authorized and they should all be factored in as they are attributed to debt. Ie they are de facto issued as we KNOW how and when those shares will convert. There is no point of arguing.
People do “dilution” as management of companies generally to raise cash. In UBQU case that has already been done. Years ago with the convertible debt issuance. The “dilution” happened THEN. So let’s stop double counting it. It’s already done. Years ago. No need to complain about it because everyone has ready the filings where is is stated.