I don't think the dilution will be needle changing (not 2-3 times current o/s)
Well, I would think even a 1X current OS would be incredibly needle changing. My WAG is the Add-on deal alone will be a 12% haircut to the present shareholder's position, and that's likely the least expensive of the 3 stated endeavors.
The dilution damage has already occured
Unless the company is now positively growing organically, the dilution damage is on-going.