MD, you correctly point out option holders can absolutely dilute...

MD, you correctly point out option holders can absolutely dilute fully paid ordinary shareholders. They get a lot of stock for very little cash outlay.

That said, I would refer posters to LYC who over the last 12 months have absorbed 3 times its 12months ago market cap, in very cheap convertible notes and come out the other end a stronger business.

By way of summary for those with little time to investigate, LYC has moved from negative to positive cash flow, paid down debt, its production has expanded and the price of its product has risen giving the company a 500% gain (after 1:10 share consolidation).

In effect, if a company is on the right track with the right product, it can absorb dilution and still take existing SH with it, to a good place.

Not a prediction for NUH, but an observation of another company having to manage options/notes as part of its challenges.

DYOR