No. You misunderstand me. MFN was a tool (aka: fiction) to completely dilute to their heart's content whilst always protecting Cognate (themselves at the time) from the dilution.
Now, the 20% NASDAQ dilution protection provision, will for instance, take Les's 24.5 million options, and make it 49 million options when all warrants are exercised. That 20% provision from the NASDAQ days, is more than the 15% dilution protection provision entered in November 2017.
They reverted back to NASDAQ for some reason -- it seems.
It's also interesting, once those options are exercised, they then get more options because they dilute the outstanding shares. It's essentially endless.
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