Are you talking about the historical pattern or the recent trading pattern? The recent activity doesn't seem dilutive at all. The bid has held, if it was dilution it would have been wiped out. The ask seems fairly small to me honestly. I would expect double or triple the amount of churning at the 2s in order for it to go up with a float this size.
As far as historical trading patterns. Moot point... This is new management and as a result anything that happened before the new CEO took over is irrelevant.
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