I don't know the answer to that, although DF denies that any further dilution will occur or at least says that it is not his 'intent' Right now o/s is 1.1 billion shares and 400 million reserved for employee options, I don't think BEHL has many shares left to sell to open market without registering more.
Fundamentally, I agree that a whole lot is riding on this LOI that DF expects to be a final contractual agreement by some time next week.
Still listening to the recorded interview at this point...