I would think so.
However it is really a slap to investors to not communicate intentions and purposes.
Operating costs? Marketing ?Acquisition ? Bermuda ?
Be nice to associate this action with company plans, or the investor is faced with random slow , or fast, share dilution.
The eoy is still 6mm +|- . Unless this also changes, or ‘events’ are noted with ‘exceeding’ etc… then the investor bases all on reported numbers / stated goals.
Point being if the eoy is the same, and upcoming revs are in line to eoy… any dilution really cuts investors value.