No they will not dilute by that much at all. The max is 2.5% of the total shares (49mm total shares) per year which would only be slightly more than 1mm shares a year . The 4.75mm is authorized for foresseable future which doesnt mean it will happen this year, they cap it at 2.5% which is below the ISS recommended amounts..
The only reason this mgmt would raise more capital is that the rerurn excceds to cost of capital - likely by a very large amount. Please short the stock. Please- I actually dare you. Check back in a year or two which is my particular time horizon for this investment, not next week or even quarter.
Gentleman this is a valuable currency / asset that management will parse out in a very judicial / methodical manner to benefit this Organiztion. They are not looking to issue stock at current levels to raise additional cash it will be a well utilized asset to extract anything from sweet equity to valuable assets.