Agreed, but as the memo said, it won't be all at once. They will issue it over time, and with partners. Lets not forget that this board has MILLIONS of shares and will be wanting to make money as well. Since most corporate clauses mandate that you hold your stock x amount of time before you sell it, then i am sure the board will want to get this stock higher, and keep it higher. Not just throw out a ton of shares.
With so many shares, the company can bail itself out of trouble if it ever needs to which ensures that it will not fold as quickly as some of the others could.
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