The financiers appear to have sold most of them since we rarely see a 5% filing while about 35-45% of the company's outstanding shares were created in 2020. That's not the point though.
The point is we sold about 35-45% of the company to raise whatever we raised (~$15-20M) in 2020.
The statement was in relation to my disbelief that we couldn't find someone to give us $10M to finish Kevetrin formulation and run a small trial for a 10% Kevetrin royalty. Upon second thought, why would a company do that when they could get 50-100M shares for that same $10M...or whatever the going rate for the financiers was.
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