That was my point. The company receives no money from his purchase and the shares are not restricted in any way.
HAD he purchased restricted shares through a PIPE it would have provided money to the company (which currently has a significantly large negative working capital number) and those shares would have been restricted.
Yes, it would have increased the outstanding, though not the float, however in many cases for a company in need of cash, the PIPE is a better deal than open market purchases, even for existing shareholders, as long as it's not "death spiral financing".
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