Without filing for additional shares, my understanding is that the company can issue up to a total of 800M. They have also said that they are not having further dilution.
Sure, they did say that once before and then went ahead with a large issue of shares to RM (their affiliated company). I think there is a bit of question, however, as to whether this is really dilution. RM granted SPNG the option to purchase shares back at the issue price -- in essence an interest-free loan. Whether you choose to view this as a debt or dilution is I guess one of those beauty in the eye of the shareholder things. Some people view this as further dilution plain and simple, so they feel that management lacks credibility. I view interest-free loans from management as a sign that they do have credibility.
I have not yet heard back from SPNG, but they usually get back the same day.
Wadi Rum
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