That's correct, and the SoS of Florida says the increase was received by them last week, therefore the shares on the market since November were unregistered.
I have no idea why Frank would tell people that.. Frank is a moron, and morons aren't always predictable or understood.
Whether it was legal or not depends on whether or not the shareholders preemptive right was included or excluded at the time of the increase and the alleged dilution. If it was included, then amended to exclude without shareholders being notified, UTOOOOHHH!
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