they absolutely will want a NYSE listing and a normative PPS range and reasonable number of new shares
Do a 1:50 reverse split, then issue shares at $50. Both problems solved.
if our 19.99% is reduced NOW - there would be a slew of new lawsuits that IMO would be slam dunks
Lawsuits over what? What law would be broken?
Since it's the equity raise that would push current commons under 20%, you're threatening a lawsuit over that. It can't violate the Fifth Amendment because the new buyers (and not the government) are the ones that benefit. So I ask again: what law would be broken?