Why are you valuing based on AS, not OS? They appear to be using the final 250 million of the current billion quite well, not sure why you're assuming they wouldn't do the same with the additional 2 billion.
First, the A/S increase isn't even voted on. It will happen, but is not an immediate issue.
Second, they clearly specify growth capital needs. If raising capital on the public market helps to dominate an industry in its infancy stage (through mergers, acquisitions, expansion), then dilution may actually help to increase share value.