This is precisely the problem, but I don't believe that all shares will be sold in the near term because the market can't handle that. But chunks, yes probably. What management did that is really unforgivable is that they over subscribed the offering to twice the original announced intention. Some anticipated dilution was already baked into the share price (which is why EVIO could not sustain above 2.50), but at double dilution the valuation take a major hit.
Long run I still like it, but large rewards seem further down the road, now.
GLTY
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