Actually if you want to sell shares to raise company funds, you have to file a short term prospectus, and have an official offering that is handled by a 3rd party. You can’t just leak shares into the OS. That would be fraud.
It’s very different from toxic financing where you take a loan, and the repayment is agreed via shares should repayment not happen ( which is always the case ).
If you see the OS grow, and there is no formal short term prospectus filed, it must be toxic financing.
The only other option I can think of is if they sold some of their own Series E/F stock which also have a conversion. But those funds would goto the seller, not the company.
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