No, just 8.5 billion (minimum)in both companies, that's hardly dilution.
No further dilution is right just at a first glance. The stock was dead and maxed out and they found a proper solution, they buried the public company. The lights are out in spoozland.
Nobody there does anything anymore, they just don't care. The website of spooz is full of lies and misinformation for months now. No more financials no phone, nothing. Really, this can't be to hard to understand it.