I just can't make sense of this filing. They spent a bunch of money to retire convertible debt, i.e., potential shares, yet they are asking for authorization to issue 1.5B more shares. Am I reading this wrong?
IMO, could be a sign of a merger, an acquisition or either they're firmly believing the shares will be needed upon rapid market expansion predictions.
Personally, I take this as a sign of "bigger things" in the works. I was a little worried about dilution when the 8/K came out, but I can't seem to find reason why they would need to dilute - or raise cash with an offering - so soon.
As you stated, they worked rather diligently to retire convertible debt and clean up their balance sheet.