You are confused. Authorized shares that are never issued to management do not vest upon a buyout. And last year they issued less than 20% of the shares authorized for management. The share authorization proposal has zero to do with management shares. Every single clinical biotech that you will ever see always has a large cushion of authorized shares. Any BODs that doesn’t at least try to maintain such a cushion for a clinical biotech would be completely clueless. Any CFO of a public company will confirm this. Quite reckless.
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