This is currently the most important thing that will sink our investment! The current offering needs to be canceled. If the offering is issued - then regardless of what comes next, all investors will lose everything. The company can't withstand an OS of over 600 million shares out - even with 6 month holding period. The company's earnings will never catch up enough to move the price up with 600 million OS.
Since you have great contacts you talk to - ask them how they possibly think issuing 350 million more OS will help at all. It won't!
All other issues at this point don't matter - so please don't bring them up. Share dilution is the center of attention here. Considering your ownership - you should be very very worried about your dilution/loss if the OS goes above 300 million.