Wrong, there is no dilution going on. This was stated in the most recent PR with the new OS. Not sure what's so hard to understand about that. I do agree those X note holders could be feeding shares into the float to be sold or those shares have already cycled through. Only way to know is to call the TA and find out who's buying and selling. To my knowledge the company only has that data. I suppose keeping tract of the restricted, unrestricted and float could give some clues.
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