Just a matter of semantics. But in fact the shares currently being sold are dilution, even if they were issued before.
Even if technically(in the books) we say that dilution is when the shares are issued, in practice, the market(we all, traders/investors) consider that dilution happens when the shares are being sold into the market.
Yes, no new notes on the books means no dilution in the future, excluding the one we are seeing right now. That is great. Before any big run, there is dilution. This is great for us longs because when they finish, the stock is "clean", and, nothing is holding it back, so it runs freely.
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