I still believe the RS was done to satisfy the lender(s).

With no longer having a SNPW facility for collateral (Elba was a purchase) , the lender(s) are now taking the company as collateral (SC if there is a lease)

I am betting that the financing and property secured news will be announce before any dilution, if not then longs holding are screwed.

I am not going to rehash how broke the company is as they have been broke since inception.

I believe the shares will be used to generate a merger , and the cash to finish the company's plan will come with that merger,

Whether those that will be merging in will take their owner ship in preferred or restricted shares is the key for current shareholders still holding.

of course
my opinion