It has been discussed quite extensively, and I myself brought up the topic at the last shareholder's meeting.

The Authorized are about 3.98, outstanding has been about 3.17 for a while, and the actual float...based on the big investors who have stated they are here "long".....I myself have estimated at under 700 million (possibly as low as 400 million).

There is currently no talk about reducing the number of shares (such as a reverse split or shares being purchased back into the treasury) for at least 3 years.

The concept is that Baltia will use all capital for growth (planes, increased number of routes, etc.) for the time being, and the pps will adjust to whatever level it will.

Once growth slows, Baltia will re address the pps situation....and of course, based on its level at that time, will decide what needs to be done (such as a 1 to 10 reversal, or...if things are good....maybe just a 1 to 2!).

So.....IMHO.....the large number of shares will not be visited for at least the next 3 years.