It's good you pointed to the achille's heal. Cornell is the deathblow to any stock, with very few exceptions. TXPO would not be any exception as far as I am concerned.
If you look closer, TXPO put the kabash on the relationship by paying them out on the convertibles (at a 20% premium), financed by private equity (solid investor-partners). Also, received a bank line of credit backed by another investor's stock portfolio. Additionally, the Pres (M. Shores) PERSONALLY GUARANTEES the bank debt.
The recent SB-2 was to list the final shares that are due to Cornell to get them out of the picture. You're right to say that these shares create some overhang, but they are minimal and are the price of FREEDOM. Michael Shores has done EXACTLY the right things since the r/m went through: 1) Eliminate the convertible debt, 2) get quality equity investors, 3) get traditional bank financing, 4) Kill the Cornell SEDA. These steps have each had their costs but, in my estimation, they were the necessary steps to at least have a chance of showing itself to be a real deal company (look at the space they play in, their customers, partners, etc... very impressive).
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