The only mention of dilution by Freddie was that dilution was preferable to BK but he also said the S-1 was withdrawn because they feel better about their cash flow and the dilution was not in the best interest of the shareholders. I would say they are not diluting at the present time, and if revenues continue to grow, they will not utilize it. They also said they wanted to use PRs to grow the pps, I think they are doing things right.
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