There's been no announcement of Directors reducing their...

There's been no announcement of Directors reducing their holdings, so need to assume that 32.7 mil is accurate.

There are many games and strategies played for companies to gain funding for future needs and it's a difficult market to obtain funding so this is just one of those messy times when funding negotiations effect current holders and of course the SP. Its not ideal and all existing holders can do is cash in or ride the program but rest assure, the alternative is a lot worse.
Got to agree though, this came as a surprise, there will need to be an explanation as to the statement, " no consolidation". That wasn't that long ago and the writing would have been on the Boardroom table when that statement was made. Consolidations just don't happen over night.

Cheers