This is not the same as dilution as dilution implies the conversion of notes in the open market. It will however raise the OS therefore increasing the market cap valuation. However, according to their last PR the shares equal to about 400M which keeps the OS at a respectable 3B.
The team is working to bring value here and there are some great candidates in this industry for a merger or acquisition.
The company has already stated they are working to clean this shell as well.
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