Yes because those shares are outstanding, just tha

Yes because those shares are outstanding, just that Generex is holding them on behalf of the 4 of them, but counted in the market cap. Therefore right now, Generex holds/owns those shares. They will be sold to some investors at some point to fund the plans. But since they are outstanding, just not in the public float, we won't get diluted by them.

Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.