You can't fix stupid, but here is the exact language
The convertibility of the Preferred Stock and the exercisability of the Warrants each may be limited if, upon conversion or exercise (as the case may be), the holder thereof or any of its affiliates would beneficially own more than 9.9% of the Company's common stock. The Preferred Stock and the Warrants contain customary weighted-average anti-dilution protection.
This isn't an anti dilution clause, this is an anti-ownership clause, designed to protect the company from loss of control. With 90mil shares outstanding, Crede can not purchase 25million shares all at once, regardless of split or not.
Talk about stupid. They have 90 days or one year to exercise the stock or warrants. They are not required to purchase 25million shares in one day, they are allowed to do so over the 90 day timeframe. They can purchase 2million shares on Dec 16th at .52, and sell 2million at 4/share, and do it over several days until they are out.
This wording (legally) means they have every right to purchase at .52 any amount of shares, and dump them, as long as they don't own more than 10% at any one time.