The problem is you have left out the warrants and having shares available should those warrants be exercised. Now do some math there and it becomes very clear that a RS is intended if the 10B shares are not sufficient to cover all the RNVA AS/OS requirements. In addition, the filing even makes direct reference to this. IMO it is very unlikely shareholders will see a RS first. We will see an increased A/S and I concur that depending on the details of the specific warrants will determine price action but for right now the PPS has to increase significantly before a lender will exercise its right to buy the warrants.
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